Gold imports under clutches, no more curbs necessary : Indian Economic Affairs Secretary

Gold  |  2013-06-12 06:33:05   |   By

The recent clamp down on gold imports by the Indian Government as well as the Reserve Bank of India (RBI) has started bearing fruits, with gold imports witnessing a sharp plunge during the first week of June

NEW DELHI (Scrap Monster) : The recent clamp down on gold imports by the Indian Government as well as the Reserve Bank of India (RBI) has started bearing fruits, with gold imports witnessing a sharp plunge during the first week of June.

According to Indian Economic Affairs Secretary Mr. Arvind Mayaram, any further measures may not be required for the time being, as the recent policy measures have had a considerable effect on gold imports. The Ministry of Finance has doubled the gold import duty from 4% to 8% since January this year.

The central bank of the country had imposed strict regulations on gold import by consignment basis by banks and nominated agencies. The RBI also had prohibited banks and Non Banking Financing Companies (NBFCs) from extending loans against any form of gold including gold ETFs and gold MFs.

All the above measures have adequately supported the government’s initiative to put brakes on gold imports. Mr.Mayaram while speaking at an investor conference expressed the view that the government does not intend to introduce any further policy action to limit gold imports.

 

 

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