Chidambaram: more steps to cut gold imports if needed

NEW DELHI Tue May 21, 2013 7:10am IST

Britain's Finance Minister George Osborne (2nd L) and his Indian counterpart, Palaniappan Chidambaram (R), visit the Pudding Mill Lane Crossrail construction site, in east London May 16, 2013. REUTERS/Lefteris Pitarakis/pool

Britain's Finance Minister George Osborne (2nd L) and his Indian counterpart, Palaniappan Chidambaram (R), visit the Pudding Mill Lane Crossrail construction site, in east London May 16, 2013.

Credit: Reuters/Lefteris Pitarakis/pool

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NEW DELHI (Reuters) - India will take more steps if necessary to curb gold imports, Finance Minister P. Chidambaram said on Monday, after the country's overseas purchases of gold and silver shot up 138 percent in April.

The spike in gold imports has increased pressure on the country's trade and current account deficits, and limited the scope for monetary easing by the Reserve Bank of India (RBI), despite a recent slowdown in inflation.

(Reporting by Rajesh Kumar Singh; Writing by Matthias Williams; Editing by Devidutta Tripathy)

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