(Reuters) – India is not designing any alterations to its record import obligation on gold and other restrictions on imports until the present account deficit is firmly under control, Finance Minister P. Chidambaram notified CNBC TV18 in Davos.
Chidambaram said “Until we have a firm grab on the current account shortfall I do not contemplate any roll back in any assess. We will have a full concept of the current account shortfall only when the budget is presented and when the year comes to an end,”
He was responding a inquiry about an previous TV report that Sonia Gandhi, the leader of the ruling assembly party, had in writing to the government asking for gold trade restrictions to be alleviated. Chidambaram said he had not read the letter.
India has a record 10% trade duty and a direct that states 20% of all trades should leave the homeland as trade goods. India used to be the world’s biggest purchaser of bullion until the government presented the curbs in alignment to contain a record present account shortfall.
India’s fiscal year finishes on stride 31, 2014 and the allowance will be presented in February.