No plan to impose fresh curbs on gold imports, says Trade Secretary

New Delhi: India is not planning to impose any further curbs on gold imports as the current account deficit is under control, Trade Secretary Rajeev Kher said on Wednesday.

The south Asian country has imported 7 tonnes of gold so far in January, while 39 tonnes of gold was imported in December, Kher told reporters.

India’s gold imports in November reached 151.58 tonnes, according to data provided by India’s trade ministry, marking a 38 percent increase from 109.55 tonnes in October.

On Nov. 28, India scrapped a rule mandating traders to export 20 percent of all gold imported into the country, in a surprise move that aimed to cut smuggling and raise legal shipments into the world’s second-biggest consumer of the metal after China.

Reuters