Will look into easing gold import curbs: Chidambaram

Says super-rich tax ought to be revised in the full budget

Finance Minister P Chidambaram on Monday said that government will look at relaxing gold imports curbs.

"There are pros and cons (on easing gold import curbs), we will weigh them carefully, the goal is to contain the CAD at a level where it can be fully and safely financed," Chidambaram told reporters after presenting the interim budget in Parliament earlier.

"The operative word is, we will look into it," he said.

Govt, desperate to trim a gaping current account deficit, took a slew of measures last year to curb demand for bullion, its second-biggest import after oil. Due to the restrictions on imports, China has surpassed India as the world's biggest buyer of gold.

Industry participants had expected a cut in import duty from the record 10% on gold in the interim budget.

He also said that tax on the super rich ought to be revised when the full budget is prepared after elections due by May.

Chidambaram had introduced a surcharge of 10% last year on those with taxable incomes of more than Rs 1 crore.