Friday, July 11th 03:22 PM IST

Indian Gold imports decline 34% in FY 2013-14

# Gold  

India's gold imports declined from 1013.9 tonnes in FY2012-13 to 670.4 tonnes in the fiscal year ended March 2014, which is about 34% decrease, following the draconian constraints foisted on import of precious metals by the government and the Reserve Bank of India (RBI).

MUMBAI(Bullion Street): India's gold imports declined from 1013.9 tonnes in FY2012-13 to 670.4 tonnes in the fiscal year ended March 2014, which is about 34% decrease, following the draconian constraints foisted on import of precious metals by the government and the Reserve Bank of India (RBI).

Minister of State for Commerce Nirmala Sitharaman after having made this announcement in the Parliament said neither the RBI nor the Indian government has data on the availability of gold with the public.

Replying to a query in Parliament on the gold reserves held by the RBI, she added that according to RBI’s statistical supplement dated June 18, gold held by the RBI is 557.8 tonnes.

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