India’s monthly gold imports rise to a 10-month high
Victoria Hewitt-Marsh, News Editor
9 Apr 2014, 10:44 a.m.
India’s gold imports increased to 50 tonnes in March, the highest monthly reading since the Reserve Bank of India introduced the gold import tax in May 2013.
Following the government’s decision to allow more banks to import gold, existing importers have increased their orders.
Finance minister, P Chidambaram, also indicated that allowing more banks to import gold was the first step in relaxing the gold import restrictions. As a result, exports are expected to remain robust and many traders and importers are predicting that the Government will relax the rules further.
Prior to the introduction of the gold import tax, India was the world’s largest consumer of gold.