NEW DELHI/MUMBAI Nov 17 (Reuters): India's central bank is in talks with the government to increase curbs on gold imports, Deputy Governor S.S. Mundra said on Monday, reflecting policymakers concerns that a jump in inbound shipments will worsen the country's trade deficit.
Mundra's comments come on the same day that trade data showed India's gold imports in October surged nearly four-fold to $4.18 billion from a year ago. India is the world's No. 2 gold consumer behind China.
Officials from the Reserve Bank of India and the finance ministry met on Thursday to review the country's gold import policy but no decision was taken.
Struggling with high current account and trade deficits, India last year raised the import duty on gold to a record 10 per cent and unveiled some restrictions. But it relaxed part of these curbs in May.
"With the surge in gold imports which has been witnessed, it warranted a relook," Reserve Bank of India Deputy Governor S.S. Mundra told reporters on Monday, referring to gold import curbs.
India\\\'s central bank talking to govt about more gold import curbs
FE Team | Published: November 18, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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