India’s Q2 gold import volumes plunged 72% y/y, 81% q/q : Ministry of Finance

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In accordance with the data released by the Indian Finance Ministry, the gold imports by the country fell drastically during the quarter ended September when compared with the previous quarter and the corresponding quarter a year ago. This was mainly a result of restrictions on gold imports imposed by the government and the Reserve Bank of India (RBI).
The total quantity of gold imports by the country during Q2 2013 amounted to 63 tons. The imports during the quarter July-September crashed 72% over the imports of 223 tons recorded during the corresponding quarter 2012. The Q2 gold imports plunged 81% over the previous quarter this year. The total imports during Apr-June quarter was 335 tons.
In terms of value, the Q2 2013 gold imports by the country totaled $2.7 billion, 77% lower when compared with the import value of $11.9 billion during Q2 2012 and 82% lower when compared with the import value of $15.3 billion during Q1 2013.
The Finance Ministry estimates the gold imports during September to be 12-15 tons, considerably lower than in the same month last year.
The steep decline in imports is primarily attributed to the curbs forced by the government and the central bank. Since mid-July, the imports grounded to nearly zero due to ambiguity among customs officials with regards to RBI’s 80:20 gold import norm. Latest reports indicate that following the recent clarification by the RBI, gold imports to the country have resumed. Around 3-4 tons of gold were imported over the past few days.
Source: resourceinvestor
Source:Bullion Bulletin

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