Gold imports drop 30% to $20 bn in Apr-Sept
- Maoists kill at least 7 poll officials, seven others in twin attack in Chhattisgarh
- World doesn't trust Modi, says Congress citing British newspaper
- FIR against SP leader Azam Khan over 'Kargil won by Muslim soldiers' remark
- His hands tied, PM surrendered to Sonia: ex-media adviserâs book
- Did not get personal with Narendra Modi, says Rahul Gandhi
During the April-September period of 2011, the gold imports had increased by 66 per cent to USD 29 billion.
"Notwithstanding the increase in international gold prices in 2012-13 (April-September), gold imports have shown decline.
Decline may have occurred due to increase in customs duty on gold imports by government in January and March 2012," Minister of State for Finance Namo Narain Meena said in a written reply in the Lok Sabha.
For the entire 2011-12 fiscal, gold imports stood at USD 56.
2 billion. "It may be noted that the international gold prices have also increased significantly in recent years.
Such behaviour of gold prices assumes importance for building up of positive expectations of gold investors and hence might have partly contributed to the increase in gold imports in India," Meena said.
During April-September period of 2012-13, the value of gold imported by Government and public sector stood at Rs 18,026 crore and that of private sector is Rs 92,501 crore, Meena added.
In his Budget proposal, the then Finance Minister Pranab Mukherjee had doubled the basic customs duty on standard gold bars to four per cent and on non-standard gold to 10 per cent. He also imposed one per cent excise duty on unbranded jewellery.
In a separate reply, Meena said the net remittances by NRIs received in India in 2011-12 fiscal stood at USD 63,469 million.
The net remittances received in India in 2010-11 and 2009-10 stood at USD 53,124 million and USD 51,791 million respectively
- Under attack over rape remark, SP chief Mulayam Yadav blames media
- JD(S) releases manifesto, vows to protect interests of state
- Ambareesh returns, says will sort ‘minor differences’
- Sagar Ghosh killing: Breather for DGP as HC stays single bench order
- Face of Gujarat riots is face of BJP: Mamata
- Cong seeks action against Advani on ‘wrong’ info in affidavit