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Rediff News  All News  » Business » Gold imports up by 14% in FY'11 at 969 tonnes

Gold imports up by 14% in FY'11 at 969 tonnes

March 30, 2012 16:02 IST

India's gold imports rose by 14 per cent during 2010-11 fiscal at 969.73 tonnes, Parliament was informed on Friday.

The gold import stood at nearly 851 tonnes in 2009-10 fiscal, the Minister of State for Finance Namo Narain Meena said in a written reply in the Lok Sabha.

In value terms, gold imports rose by 36 per cent to Rs 1,84,728 crore (Rs 1847.28 billion) in 2010-11, from Rs 1,35,877 crore (Rs 1358.77 billion) in the previous financial year, the data showed.

"Import of gold, except for monetary purpose, is free ...However, it is subject to Reserve Bank of India regulations. There is no proposal to change this policy at present," the minister said.

India is the world's largest gold importer. In his Budget proposal, Finance Minister Pranab Mukherjee had doubled the basic customs duty on standard gold bars to four per cent and on non-standard gold to 10 per cent. He also imposed one per cent excise duty on unbranded jewellery.

Meanwhile, the strike by bullion traders and jewellers to protest the proposed increase in import duty on gold and imposition of excise duty on unbranded jewellery entered the 14th day.

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