The best way to curb gold demand is by reducing black money in circulation.
Imports in 2016 expected to be lowest in 7 years but experts don't rule out a revival in demand if the yellow metal's price falls
Gold demand in rural India is expected to be lower this year with weak monsoon affecting household savings, according to the World Gold Council (WGC).
The government has retained 10% duty on import of the yellow metal.
A downturn in Indian demand could hit global gold prices.
The World Gold Council, which represents the mining industry, puts India's demand between 850 and 950 tonnes in 2014.
Supply through recycling of used gold declined to around 10 tonnes in the second quarter of the current calendar year.
Gold has held up better than many expected.
In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
In the past 18 months, the department of revenue intelligence has seized 50 containers of cigarettes, valued at nearly Rs 200 crore
Gold demand in India is expected to be robust in 2014, likely leading to a further jump in smuggling if curbs on bullion imports remain, the World Gold Council (WGC) said.
Based on the estimate, a courier bringing in 1 kg of gold currently worth around $40,000 at world prices could earn $470 if not caught.
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
The government has also built in mechanism to protect investors from price fluctuation.
At nine-month high, current prices attractive; consumers want to cash in before a correction
India has 20,000 tonnes of idle gold; gold is an important aspect of women empowerment: PM.
India's biggest jewellers' association has asked members to stop selling gold bars and coins.
The concept of gold as an asset capable of getting anytime money is evaporating.
If you are not already lost in the zeros this wealth stands at Rs 257 lakh crore or Rs 257 trillion, according to a report unveiled by Karvy Private Wealth for the year 2014.
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