India, desperate to trim a gaping current account deficit, took a slew of measures last year to curb demand for bullion
The rupee appreciated by 0.27 per cent in June against the dollar.
In August 2014, imports stood at $ 2.06 billion. Higher imports will have adverse bearing on India's current account deficit (CAD).
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Govt mulls raising duty on non-essential goods with annual import bill exceeding $1 billion
Pati Patni Aur Woh cannot decide whether it wants to be the climax of a Priyadarshan comedy or give the cad a dose of his own medicine brand of cheeky payback, writes Sukanya Verma.
The deficit for April-June was at $21.8 billion or 4.9 per cent of GDP.
Earlier in his address, he said with over 500 million bank accounts in the country, it is estimated that the Indian banking system produces over one billion transactions a day.
Giving more freedom to individuals travelling abroad, they may soon be allowed to spend $2 lakh overseas in a year as against the present ceiling of $75,000.
Finance Minister P Chidambaram on Monday said the currency will find its level as steps being taken by the government to contain fiscal and current account deficits will improve investor sentiments.
Let's take a look at how countries are placed when it comes to current account deficit.
India's current account deficit, which is the excess of foreign exchange outflows over inflows, touched a historic high of 4.8 per cent of GDP in 2012-13, mainly due to rising imports of gold and petroleum products.
In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
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Inflow down in December month-on-month; jewellers demand cut in Customs duty rates
After recording significant decline in September, gold and silver imports jumped by 62.5 per cent to $1.3 billion in October this year.
Strength in dollar against some other currencies overseas weighed on the rupee
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The rupee has fallen almost 20 per cent in the first four months of FY14, forcing the government to consider raising import duties on gold and non-essential luxury items.
The Reserve Bank of India has kept the key short term lending rate (repo rate) unchanged at 7.25%.
Global rating agency Standard and Poor's on Wednesday cautioned that large deficit economies including India could face more economic problems in the near term.
Bank of America Merrill Lynch believes this would ease pressures on CAD as $10 a bbl fall in oil price reduces CAD by $8 billion or 0.4 per cent of GDP.
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Gold prices on Tuesday rose by Rs 227 to Rs 28,418 per 10 gm in futures trade, largely on speculative positions created by participants amid a firming trend at the spot market.
This April Fool's Day, Sukanya Verma kickstarts the month on a light note with this list of Bollywood's most memorable pranks.
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The minister also promised more policy decisions in the coming days saying 'reforms is a work in progress'.
A long term solution to reduce India's Current Account Deficit will be to increase India's share of global merchandise exports, so that we are able use our exports to fund our imports, points out Chidambaran G Iyer, Senior Fellow, Pahle India Foundation.
The government and the Reserve Bank had also imposed certain other restrictions on its shipments, including linking of imports to exports to prevent outgo of the foreign exchange.
The GDP growth for 2013-14 has been lowered to 5.3%, from 6.4% in April.
The benchmark Indian crude oil basket is now estimated to average $77.88 a barrel for FY19, compared to the government's earlier estimate of $65 a barrel for the year and $56.39 for FY18
These imports grew 89 per cent to $8.39 billion in May.
'Curbs will again lead to the grey market developing, undoing all the work done over the last two-and-a-half years.'
Reserve Bank of India (RBI) Governor D Subbarao, often criticised for being "behind the curve", took market players and his critics by surprise.
The rating agency official did raise concern about the banks' non-performing assets.
Government unveiled the much-awaited FTP for 2015-20 on April 1, 2015.
Any revision in gold import duty is unlikely to take place before the Budget, says finance ministry official.
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Exports picked up to post a growth of nearly 13 per cent.
The 30-share Sensex was up 137 points at 19,517 and the 50-share Nifty was up 45 points at 5,780.
On Friday, the euro weakened to a near 14-month-low against the dollar, after the European Central Bank announced a fresh round of stimulus and promised more if required.
Chidambaram said there was no tension between the finance ministry and the Reserve Bank of India.
ATCO's subsidiary, ATCO I-Tek, will become a part of Wipro after the closure of the deal, which is expected to be completed in this quarter.
A design firm in Dubai is recruiting various designer profiles.
Moody's said India's current account deficit (CAD) has narrowed significantly from 4.8 per cent in 2012 to 1.4 per cent in 2014.
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