Gold Imports by India Slump as Curbs Reduce Demand for Jewelry
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Gold imports by India tumbled last month after the world’s biggest user restricted shipments and increased taxes to contain a record current-account deficit and halt a plunge in the currency.
Purchases of gold and silver were worth $800 million compared with $4.6 billion a year earlier, the Commerce Ministry said today. Imports have declined since the government linked shipments to re-exports in July and the trend may continue, the Finance Ministry said on Oct. 1.