MUMBAI: The government and the Reserve Bank of India (RBI) have stepped up their concurrent efforts to check the unbridled gold imports as they look to improve the current account deficit (CAD).
The government has raised gold import duties (from 6 per cent to 8 per cent) this week and is considering further remedial actions in a bid to dissuade investors from loading up too much on gold. Also, Finance Minister P Chidambaram this week urged banks not to promote sale of gold coins to their clients.
The RBI too announced a spate of measures aimed at curbing gold demand, including restrictions on gold imports to check speculation in the precious metal.
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