Sharp drop in November gold import bill

The value of India’s gold imports in November fell by over ` 29,900 crore, or 84 per cent, from the level in January after steps taken by the government to curb inward shipments of the metal. About 21,281 kgs of gold valued at ` 5,619.66 crore was brought into the country last month, according to data provided by the Finance Ministry in response to a query filed under the Right to Information.
In January, India had imported 1.2 lakh kgs of gold worth ` 35,528.24 crore. They stood at ` 23,688 crore in January 2012. Monthly gold imports have fluctuated since the start of this year.
Gold imports stood at about ` 26,930 crore in February, ` 12,741 crore in March, ` 36,223 crore during April, ` 40,867 in May and ` 8,543 in June. The value of inward shipments of gold was ` 13,225 crore in July, ` 2,899 crore in August, ` 3,149 crore in September and ` 6,433 crore in October, according to the data.
The Ministry said the data was based on information received through the electronic data interchange only and excludes “manual data.” RTI activist Subhash Chandra Agrawal had sought information on whether gold imports had declined after customs duty on the metal was increased.
The government raised customs duty on gold to 10 per cent in August from 2 per cent in January 2012, besides imposing other curbs on imports of the metal.
Source: Hindu business line
Source:Bullion Bulletin

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