Glitter of Gold Worries Govt. of India

Mumbai: Alarmed with the substantial surge in imports of gold during last couple of months, the Indian government may be compelled to introduce such measures to regain control over the heavy imports of the yellow metal.

India’s October 2014 gold imports have jumped to 148 tons which indicate six-fold rise from less than 25 tons in the same month of 2013. Imports in the September quarter were up by 39%.

Top officials of India’s Finance Ministry and the Reserve Bank (RBI) had met recently to consider tightening import controls on gold. But the meeting has remained inconclusive and they have agreed to meet again in a few days to take a decision, official sources say.