Gold import this financial year is estimated at 945 tonnes.
The gold market has remained under pressure.
Traders have used this as an opportunity to stock up silver.
This time, RBI can cut rates to reflect the improved fundamentals and to further shrink the arbitrage window.
In the past two years, investors in gold have lost money.
Trade sanctions on Russia by Europe and the US offer an opportunity for India, but the devaluation of the rouble may play spoilsport
The rouble has been falling steadily since early November and collapsed earlier this month following a spectacular decline in the price of crude oil to five-year lows.
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
Crude oil's long price slide might be ending, feel some experts. Last Friday, the price of Brent crude, seen as a benchmark for what India uses, saw a low of $75.3 a barrel - it is now trading around $79. The fall has been nearly a third from its high seen in June, only five months earlier.
Marriage season will end in the next two months and import growth is likely to taper off
The bill on October 2013 was $1.01 billion for 38 tonnes.
Silver is emerging as a stronger bet for the long-term.
Move comes after agencies unearth several cases of misuse of the 80:20 scheme.
China has cast a long shadow on India's economy.
Import bill for September rises to $3.5-4 billion as traders and retailers stock up the precious metal.
A veteran bullion analyst expects monthly import to average 50 tonnes till December.
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
Short-term gains are always unpredictable.
Stocks such as NIIT, Punj Lloyd, Gati, Welspun India and BEML are favourites of the trading community.
Shortage of seeds, threat of El Nino expected to restrict sowing.
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