India will look into easing gold import curbs-Chidambaram
NEW DELHI Feb 17 (Reuters) - India will look into relaxing gold imports curbs, but won't let its current account deficit (CAD) balloon, Finance Minister P. Chidambaram said on Monday.
"There are pros and cons (on easing gold import curbs), we will weigh them carefully, the goal is to contain the CAD at a level where it can be fully and safely financed," Chidambaram told reporters after presenting the interim budget in parliament earlier.
"The operative word is, we will look into it," he said.
India, desperate to trim a gaping current account deficit, took a slew of measures last year to curb demand for bullion, its second-biggest import after oil.
Due to the restrictions on imports, China has surpassed India as the world's biggest buyer of gold.
Industry participants had expected a cut in import duty from the record 10 percent on gold in the interim budget.
- U.S. man sues soccer star Cristiano Ronaldo over CR7 trademark
- Moscow fights back after sanctions; battle rages near Ukraine crash site |
- Netanyahu vows to complete Gaza tunnels destruction
- Obama to Republicans: ‘Stop just hatin’ all the time’
- Argentina braces for market reaction to second default in 12 years