Gold imports drop by 18.4 percent in April-June quarter

August 30th, 2012 - 9:48 pm ICT by IANS  

New Delhi, Aug 30 (IANS) Gold imports in India fell by 18.4 percent to Rs.71,912 crore in the first quarter of the current financial year, largely due to a sharp increase in prices, the government data showed Thursday.

The value of import of gold during April-June 2012 is Rs.71,912 crore, which is 18.4 percent lower than the imports recorded during the corresponding period of last year, Minister of State for Commerce and Industry Jyotiraditya Scindia said in written reply to a question in the Rajya Sabha.

Scindia said imports of the yellow metal might have declined due to a combination of factors.

“Volume of import of any commodity, including gold, depends on many factors which include domestic demand, international and domestic prices, exchange rate, duty rates etc.,” he said.

Asked whether the government was taking any steps to increase gold imports, Scindia said, “Import of gold, except for monetary purposes, is free. However, it is subject to RBI regulations. There is no proposal to change this policy.”

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