Press Esc to close
Monday 06 July 2015
News updated at 11:19 PM IST
Weather
Max: 33°C
Min : 20°C
In Bengaluru
Partially cloudy

MMTC sees more gold import curbs

New Delhi, Feb18, 2013, Reuters:

The government may further raise import duties on gold or put a cap on purchases in a bid to rein in the current account deficit in the 2013-14 budget, an official with the biggest state-run gold importer said on Monday.

India is the world's biggest gold importer, and purchases of the precious metal have contributed to wideaning the current account deficit to a record high 5.4 per cent of gross domestic product in the July-Sept quarter of the current 2012-13 fiscal year.

The government hiked import duties by 2 percentage points to 6 per cent on January 21 to discourage gold imports, and the official with state-run purchaser MMTC expects duties to be raised further.

He also said the government may cap imports or cut the number of companies authorised to import gold if purchases have not slowed down by the time it announces the 2013-14 budget on February 28. "We are consciously reducing our gold imports from our portfolio because the government wants it that way," the MMTC official told reporters. He declined to be identified as he is not authorised to speak to the media.


Go to Top

Photo Gallery
'Umbrella Workshop' where people paint umbrellas with colors in Navi Mumbai...

'Umbrella Workshop' where people paint umbrellas with colors in Navi Mumbai...

Visitors looking the BSF weapons on the occasion of the 50th anniversary of the BSF...

Visitors looking the BSF weapons on the occasion of the 50th anniversary of the BSF...

Mobile app ' Namma Bellad' launched in Bengaluru...

Mobile app ' Namma Bellad' launched in Bengaluru...

Sadhvi Niranjan Jyoti feeds cows during her visit to Gir Seva Goshala in Ahmedabad...

Sadhvi Niranjan Jyoti feeds cows during her visit to Gir Seva Goshala in Ahmedabad...

An highly decorated Vruksha hall during the 'BJP Maha Samparka Abhiyan 2015'...

An highly decorated Vruksha hall during the 'BJP Maha Samparka Abhiyan 2015'...

A fire broke out at Sony manufacturing plant in Navi Mumbai on Sunday...

A fire broke out at Sony manufacturing plant in Navi Mumbai on Sunday...

Pilgrims crosses the mountains as they move towards Amarnath Holy Cave Shrine...

Pilgrims crosses the mountains as they move towards Amarnath Holy Cave Shrine...

A Kashmiri Muslim woman offers noon prayers in the ruins of an ancient Hindu temple...

A Kashmiri Muslim woman offers noon prayers in the ruins of an ancient Hindu temple...

A security man keeps vigil on the mountains near Amarnath Holy Cave Shrine 3880 meters high...

A security man keeps vigil on the mountains near Amarnath Holy Cave Shrine 3880 meters high...

An Indian boy practices Mallakhamb, a traditional Indian gymnastic sport...

An Indian boy practices Mallakhamb, a traditional Indian gymnastic sport...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523