MUMBAI Jan 23 India is not planning any changes
to its record import duty on gold and other restrictions on
imports until the current account deficit is firmly under
control, Finance Minister P. Chidambaram told CNBC TV18 in
"Until we have a firm grip on the current account deficit I
do not contemplate any roll back in any measure. We will have a
full idea of the current account deficit only when the budget is
presented and when the year comes to an end," Chidambaram said.
He was answering a question about an earlier TV report that
Sonia Gandhi, the leader of the ruling Congress party, had
written to the government asking for gold import restrictions to
be eased. Chidambaram said he had not read the
India has a record 10 percent import duty and a rule that
says 20 percent of all imports must leave the country as
exports. India used to be the world's biggest buyer of bullion
until the government introduced the curbs in order to contain a
record current account deficit.
India's fiscal year ends on March 31, 2014 and the budget
will be presented in February.
(Reporting by Suvashree Choudhury & Siddesh Mayenkar)