ndia Gold imports seen below 900 tons
India’s central bank will issue detailed guidelines on gold imports by authorized banks by the end of this month, it said in the statement.
India's gold imports this year is expected to go below 900 ton marks after authorities announced stringent measures to curb gold's usage, analysts said.
Both the government and the central bank announced several measures to reduce domestic demand and curb a record current-account deficit.
India’s central bank will issue detailed guidelines on gold imports by authorized banks by the end of this month, it said in the statement.
Banks also import gold on an unfixed price basis and loan basis, according to the central bank. Banks will be allowed to import bullion on a consignment basis to meet only genuine needs of exporters of gold jewelry, the Reserve Bank of India said in its annual monetary statement.
The bulk of the imports by banks is on a consignment basis that doesn’t require them to fund the purchase, the bank said.
At least 36 private and state-owned banks and companies including MMTC and State Trading are authorized to import bullion directly, according to the central bank.
The all-time high current-account shortfall, exacerbated by bullion imports, and consumer-price inflation above 10 percent are among risks that constrain room for further policy easing, the central bank said, after cutting interest rates for a third straight meeting to revive growth.
India has tripled import taxes on gold from as low as 2 percent in January last year after the current-account shortfall, the broadest measure of trade, widened and the rupee slumped to a record against the US dollar.
However, analysts said demand for gold in India was good ahead of the wedding season and the Akshaya Tritiya festival on May 13.
India's gold imports dropped 11 percent last year to 860 tons from a record 969 tons in 2011, the World Gold Council estimates.Demand for jewelry and investment fell to 864.2 tons in 2012, the second straight year of decline, it said.
Sumber : Google
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