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MUMBAI (Scrap Monster): World's largest gold consumer India's yellow metal imports declined sharply by 18.4% year-on-year to Rupees 71,912 crore in the first three months of current fiscal year.

According to Jyotiraditya Scindia, Minister of State for Commerce and Industry, it is difficult to attribute specific reasons for decline in import of gold in the April-June quarter.

"Volume of import of any commodity, including gold, depends on many factors which includes domestic demand,international and domestic prices, exchange rate, duty rates. The import of gold is free except for monetary purposes. However, it is subject to RBI regulations,” he said in a written reply to the Rajya Sabha.