Despite govt curbs, Gold imports surge 23% in January
- Gadkari's âproposalâ for Raj: Donât put up candidates for LS, it will be detrimental
- TRS wonât merge, Congress readies to walk alone in both Andhra and Bihar
- Tehelka rape case: Tarun Tejpal's bail plea hearing begins
- CBI to look into DLF high-rise plan near Rashtrapati Bhavan
- Smith announces sudden retirement, says fortunate to have had many highs
Gold imports into India surged 23 per cent to 100 tonnes in January, the head of the leading trade body here said, as traders snapped up supplies ahead of a hike in duty by a government struggling to rein in its import bill.
India is the world's biggest bullion buyer and the government is trying to curb imports – second only to oil in value – to rein in a current account deficit which hit a record 5.4 percent of gross domestic product in the September quarter.
January's imports were the highest in 18 months.
The government hiked import duty to 6 percent from 4 percent on Jan. 21 after hints from Finance Minister P. Chidambaram on Jan. 2 there could be an increase.
"So many people imported and dumped gold after rumours from the first week of January of an import duty hike. People waited for the duty to increase and earn more profits," said Mohit Kamboj, president of the Bombay Bullion Association.
In January 2012, gold imports fell 35 percent year-on-year.
Gold imports in 2012 fell 11.25 percent to 860 tonnes, partly a result of a previous tax hike.
- Russia tightens grip in Crimea, West threatens ‘consequences’
- Heavy patrolling in Sector 23 after thief leaves daring note
- Difference of opinion between Patil and UT’s senior standing counsel led to his resignation
- Commissioner to look into shady land deals in 35 villages: High Court
- Class X maths exam easy for some, tough for others
- Panchkula MC approves budget of Rs 39 crore