Negating government’s slew of attempts to bring down the demand of yellow metal in India, Gold imports rose in July from 31.5 tonnes shipped in June, said Finance Minister P. Chidambaram. He underscored that while the measure to curb imports had effect in June, the same rose in July, without giving details for the gold imports in tonnage or value terms for July.
Gold imports eased during June 2013 in response to the central bank restrictions. Country’s Apex bank introduced the requirement that all gold imports intended for domestic consumption should be made through either nominated agencies or directly be through 100% cash margins.
Meanwhile, in its latest attempt to restrict gold imports into the world's biggest consumer, the government tied the imports of the yellow metal for domestic consumption to exports. The country, so far, has raised import duties for gold twice since January 1, doubling it to 8%, but the central bank moves to tackle supply, such as making jewellers pay for gold up front, has shown more impact.
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