1. 95 Tonnes of Gold has been imported in India in September 2014.
2. Which was only 15-20 Tonnes in September 2013.
3. According to government data, gold imports were at USD 3.75 billion in September this year compared to USD 682.5 million in the same month last year.
4. This is resulting to High Current Account Deficit.
5. Gold is non-important item and former finance minister has advocated against lifting the curbs on gold imports.
6. Market insiders say increase in imports by star and premier trading houses was the main reason for the very high import bill. Silver imports have also increased, from 218 tonnes to 690 tonnes.
In my personal view, gold in pure form import shall be curbed, since it is non-essential item and India has to pay for this in USD.
