Gold import down by 24 percent
Posted on: 11/Apr/2017 9:48:39 AM
During the period from April to February of the last financial year, the import of gold has come down by 24 percent and was worth US Dollars 2300 Crores.
This decrease has led to the expectation that the deficit in the current account will be under better control.
Import of gold in the previous financial year (2015-16) from April to February was worth US Dollars 3071 Crores.
The experts in the field observe that the main reason for this reduction in import is due to the fall in gold prices in both the international and domestic market.
The trade deficit in the last financial from April to February is US Dollars 9520 Crores. The comparative figure for the same period during the financial year 2015-16 was US Dollars 11430 Crores.
However, when making a month-wise analysis, it is found that import of gold had increased in the month of February. The gold import in February 2016 was US Dollars 140 Crores. In February 2017 it is US Dollars 348 Crores.
In the financial year 2014-15, the gold import was 915.47 tons. In the year 2015-16, it was 968.06 tons. In this financial year 2016-17, up to January, the import has been 560.32 tons.
Currently, an import tax of 10 percent is levied on gold imports. The traders in this field have put up a demand to the Ministry of Finance to reduce this tax.
