Gold imports cross 1,000 tonne in 2011-12

Imports in 2011-12 were 1,067 tonne, higher than 969 tonne in 2010-11 fiscal and 850 tonne in 2009-10

The quantum of gold import crossed 1,000 tonne in 2011-12 fiscal, the government said today.

Gold imported in the country in 2011-12 fiscal was 1,067 tonne, Minister of State for Finance S S Palanimanickam said in a written reply to the Lok Sabha.

This was higher than 969 tonne imported in 2010-11 fiscal and 850 tonne in 2009-10, he said, adding that so far in the current fiscal the import stood at 204 tonne.

India produces around two tonne of gold a year against the imports of 900 tonne.

Palanimanickam said as per the existing policy, people returning from abroad after a minimum stay of six months are allowed to bring 1 kg of gold on payment of appropriate customs duty.

The Directorate general of Foreign Trade, under the Commerce Ministry, has said that there is no proposal to change the present import policy, he said.

Gold prices have been ruling firm in the recent past and is hovering over Rs 31,350 per 10 gm.