Gold imports up by 14% in FY11 at 970 tonne

The country's gold imports rose by 14% during 2010-11 fiscal at 969.73 tonne, Parliament was informed today.

The gold import stood at nearly 851 tonne in 2009-10 fiscal, the Minister of State for Finance Namo Narain Meena said in a written reply in the Lok Sabha.

In value terms, gold imports rose by 36% to Rs 1.85 lakh crore in 2010-11, from Rs 1.36 lakh crore in the previous financial year, the data showed.

"Import of gold, except for monetary purpose, is free. However, it is subject to Reserve Bank of India regulations. There is no proposal to change this policy at present," the minister said.

India is the world's largest gold importer.

In his Budget proposal, Finance Minister Pranab Mukherjee had doubled the basic customs duty on standard gold bars to 4% and on non-standard gold to 10%. He also imposed 1% excise duty on unbranded jewellery.

Meanwhile, the strike by bullion traders and jewellers to protest the proposed increase in import duty on gold and imposition of excise duty on unbranded jewellery entered the 14th day today.