India Gold imports hit a record 1,067 tons in FY 2011-12: Govt
MUMBAI (Scrap Monster): World's biggest gold consumer India's yellow metal import reached a record 1,067 tons in the 2011-12 fiscal year, said the government.
Country imported 969 tons in 2010-11 fiscal and 850 tons in 2009-10, said Minister of State for Finance S S Palanimanickam in a written reply to the Lok Sabha.
As per the existing policy, people returning from abroad after a minimum stay of six months are allowed to bring 1 kg of gold on payment of appropriate customs duty. The Directorate general of Foreign Trade, under the Commerce Ministry, has said that there is no proposal to change the present import policy, he added.
According to the World Gold Council, India's gold imports in the second quarter of this year plunged over 56% on the year to 131 tons. The South Asian country had imported a record 969 tons of the yellow metal in 2011.
India produces around two tons of gold a year against the imports of 900 tons. Country accounts for nearly one-third of the annual demand with import bill rising from $ 4.1 billion in 2001-02 to $ 61.5 billion in 2010-11.
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