Press Esc to close
Sunday 28 May 2017
News updated at 1:59 PM IST

MMTC sees more gold import curbs

New Delhi, Feb18, 2013, Reuters: 21:54 IST
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
Prime Minister Narendra Modi shakes hands with his Mauritian counterpart Pravind Kumar Jugnauth...

Prime Minister Narendra Modi shakes hands with his Mauritian counterpart Pravind Kumar Jugnauth...

Congress president Sonia Gandhi pays tributes to first prime minister Pandit Jawaharlal Nehru...

Congress president Sonia Gandhi pays tributes to first prime minister Pandit Jawaharlal Nehru...

Congress vice president Rahul Gandhi meeting the victims of Saharanpur caste violence at...

Congress vice president Rahul Gandhi meeting the victims of Saharanpur caste violence at...

A Policeman in action against stone pelters during violent clashes which erupt following the...

A Policeman in action against stone pelters during violent clashes which erupt following the...

Delhi Deputy Chief Minister Manish Sisodia addressing a press conference in New Delhi...

Delhi Deputy Chief Minister Manish Sisodia addressing a press conference in New Delhi...

Congress activists took out a rally in Kolkata on Saturday, demanding improvement in law and...

Congress activists took out a rally in Kolkata on Saturday, demanding improvement in law and...

Youth Congress organised Beef Festivals in front of Ernakulam BJP office in Kochi...

Youth Congress organised Beef Festivals in front of Ernakulam BJP office in Kochi...

Spiritual leader the Dalai Lama confer the Avalokiteshvara Empowerment from the Main Tibetan...

Spiritual leader the Dalai Lama confer the Avalokiteshvara Empowerment from the Main Tibetan...

The completely damaged house where two militants including a top commander of Hizbul Mujahideen...

The completely damaged house where two militants including a top commander of Hizbul Mujahideen...

A group of protesters who have blocked the road near the scene of a fierce gunbattle between...

A group of protesters who have blocked the road near the scene of a fierce gunbattle between...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.