No plans for restricting gold imports: Commerce ministry

Sambad English Bureau Published On : Jan 7, 2015 at 8:01 PM

New Delhi, Jan 7:

Government Wednesday said that it will not impose any further restrictions on gold imports as the current account deficit is under control.

According to a senior commerce ministry official, India imported seven tonnes of precious metal in January so far, while 39 tonnes of gold was imported in December.

In November, the government eased the gold import rules. Earlier, 20 percent of total import was mandated to be exported.

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Data furnished by the Reserve Bank of India (RBI), had shown that India’s current account deficit widened to $10.1 billion for the quarter ended Sep 31, 2014.

According to the central bank, the net difference between inflows and outflows of foreign currencies also known as the current account showed a deficit that widened by 2.1 percent of the gross domestic product (GDP) from 1.2 percent in the corresponding quarter of last year.

India is one of the largest gold importer in the world. Import of the precious metal is one of the highest contributors to current account deficit after crude oil. (IANS)