Finance secretary says no need to review rule tying gold imports to exports

NEW DELHI (Reuters) - The finance secretary said on Thursday there was no need to review a rule imposed last year mandating exports of a fifth of all gold imports into the country.

Arvind Mayaram said the rule was "working fine".

Struggling with a high trade deficit, India raised its gold import duty to a record 10 percent and made it compulsory to export a fifth of all bullion imports. Gold is India's second-biggest expense on the import bill after oil.

(Reporting by Rajesh Kumar Singh; Editing by Sunil Nair)