Press Esc to close
Friday 24 February 2017
News updated at 12:22 AM IST
Weather
Max: 35.2°C
Min : 19.2°C
In Bengaluru
clear sky

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
A boy carrying his grand father for casting during the 4th phase of assembly elections...

A boy carrying his grand father for casting during the 4th phase of assembly elections...

NSUI activists participating in peace unity march at Delhi University in New Delhi...

NSUI activists participating in peace unity march at Delhi University in New Delhi...

A man dressed as Hindu Lord Shiva performs during a religious procession ahead of the Hindu...

A man dressed as Hindu Lord Shiva performs during a religious procession ahead of the Hindu...

An elderly woman with her goat at the parched bed of a pond in a village in Hubli district...

An elderly woman with her goat at the parched bed of a pond in a village in Hubli district...

An airplane carrying rejected asylum-seekers taxis to the take-off runway at the airport...

An airplane carrying rejected asylum-seekers taxis to the take-off runway at the airport...

Artist K P Satish Babu and team presentation a Doll Dance at the Nirantharam National Music...

Artist K P Satish Babu and team presentation a Doll Dance at the Nirantharam National Music...

Fake notes of Rs 2000 which were dispensed by an SBI ATM in south Delhi...

Fake notes of Rs 2000 which were dispensed by an SBI ATM in south Delhi...

Chief Minister of Gujarat Vijay Rupani gives envelop to a newly married couple of Brahmin Community.

Chief Minister of Gujarat Vijay Rupani gives envelop to a newly married couple of Brahmin Community.

Tigers playing with each other in cage at Sarthana National Park (Surat) in Surat...

Tigers playing with each other in cage at Sarthana National Park (Surat) in Surat...

Akshar Yoga chain members performs stunts during the awareness programme on self defense ...

Akshar Yoga chain members performs stunts during the awareness programme on self defense ...

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