Gold and note ban: How black money turned white, then yellow

Gold imports in January-March 2017 were the most since the same quarter of 2013

January-March 2017 has been the best fourth quarter in terms of gold imports since early 2013.

Gold imports in the last quarter stood at 230 tonnes, and more than 100 tonnes is estimated to have been imported in March alone.

But for the blip in December, gold imports have gone up significantly following the government’s announcement of demonetisation, after being subdued for the first seven months of 2016-17.

Between April and October 2016, only 264 tonnes of gold was imported, while in the next five months, imports went up to 360 tonnes. 

The rise in the import bill in the