India can review gold import curbs by the end of March if Asia’s third-largest economy controls the current-account deficit, said Finance Minister Palaniappan Chidambaram.
“We can revisit curbs on gold imports by end of the year but let me hasten to add that it will happen only after we get a firm grip on the current-account deficit,” Chidambaram said in New Delhi today. Shipments rose in December from a month earlier, Revenue Secretary Sumit Bose said at the same event, and confirmed that the minister was referring to the financial year ending March 31.
The rupee has rebounded about 9 percent from a record low against the dollar in August after the government raised the tax on imports three times in 2013 and linked purchases to re-exports. The government is seeking to trim imports to 800 metric tons in the financial year ending March from 845 tons a year earlier and the restrictions helped cut the deficit in the quarter ended September to the lowest level since 2010.
via India Gold Import Curbs Review Seen in March on Deficit Control – Businessweek.
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