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Gold imports by India are said to surge this year as curbs are scrapped
By Vrishti Beniwal and Swansy Afonso
Bloomberg News
Wednesday, February 4, 2015
Gold imports by India, the world's second-biggest user, jumped in the first 10 months of this financial year as the government eased curbs on overseas purchases.
Shipments jumped to about 940 metric tons from April through January, said two government officials with direct knowledge of the matter, asking not to be identified as the provisional data isn't public. Finance Ministry spokesman D.S. Malik didn't answer two calls to his mobile phone. Purchases fell 35 percent to 662 tons in 2013-2014, according to the Commerce Ministry.
Imports increased after the government in May allowed more agencies to bring in gold and scrapped a rule requiring shippers to re-export 20 percent of their shipments. India curbed imports in 2013 after the current-account deficit reached a record, pushing rupee to an all-time low. The south Asian nation accounted for 25 percent of global demand in 2013, according to the World Gold Council.
"Imports may be around 1,000 tons this fiscal and remain stable next year unless we see any fresh government regulations coming in," Madhavi Mehta, an analyst at Kotak Commodity Services, said by phone from Mumbai. ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-02-04/gold-imports-by-india-...
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