Gold imports slump to 39 tons in Dec

Providing relief to the economy from widening trade deficit on account of gold imports, the inward shipments of the metal slumped in December to 39 tonnes, Commerce Secretary Rajeev Kher said today.
India imported an astonishing 152 tonnes of gold in November which had threatened to disrupt the trade balance and impact the current account deficit (CAD).
"Gold imports at present on the basis of December and January performance have not been a cause of worry," Kher told reporters.
In January so far, the imports was aggregated at seven tonnes (about USD 200 million) only.
In September and October, the imports were 95.62 tonnes and 109 tonnes respectively.

Kher also said that there were no plans to curb gold imports and bring back restrictions like 80:20 scheme.
"It is gone, 80:20 scheme. Why should it come back... We are not looking at any new policy (for gold imports)," he said after a meeting on gold imports with representatives of gems and jewellery sector.
Higher gold imports in November have pushed up trade deficit to one-and-a-half year high of USD 16.86 billion in November as against USD 9.57 billion in the same month last year. CAD too had widened to USD 10.1 billion or 2.1 per cent of GDP in July-September period.