MMTC plans auction of gold collected through monetisation scheme

The import duty on gold is 10 per cent. India is the world's second-largest consumer of gold

MMTC Ltd, the country’s largest foreign trading company, plans to import Rs8,000 crore worth of gold in 2017-18 on the back of government action to restrict unofficial gold imports.

“We have clocked Rs5,000 crore gold imports till December of the current fiscal year. In the last two months, the government has taken some steps to control unofficial imports. This month, imports have improved. We will close this fiscal year with Rs7,000 crore of gold imports,” said Ved Prakash, chairman and managing director, MMTC Ltd.

“For 2017-18, we should target Rs8,000 crore gold imports,” he added. MMTC imported gold worth Rs6,500