Timeline - India's efforts to curb gold imports
MUMBAI (Reuters) - India, the world's top gold buyer, has taken a series of measures this year to curb demand for bullion - its second-biggest import after oil - as it looks to reduce its record trade deficit.
Following are the measures taken by the central bank and the government in 2013:
Jan 21 - The government raises gold import duty by 2 percent to 6 percent.
Jan 22 - The government more than doubles duty on raw gold to 5 percent.
Jan 30 - Finance Minister P. Chidambaram says no plans for additional taxes or curbs on gold imports.
Feb 1 - The RBI plans to introduce three to four gold-linked products in the next few months.
Feb 6 - The RBI says it would consider imposing value and quantity restrictions on gold imports by banks.
Feb 14 - The central bank relaxes rules on gold deposit schemes offered by banks by allowing lenders to offer the products with shorter maturities.
Feb 20 - Trade ministry recommends suspending cheaper gold jewellery imports from Thailand.
Feb 28 - India keeps its gold import duty unchanged in its annual national budget, defying industry expectations.
Feb 28 - India proposes a transaction tax of 0.01 percent on non-agricultural futures contracts including precious metals.
March 1 - Finance minister appeals to people not to buy so much gold.
March 18 - The Reserve Bank of India says it is examining banks that sell gold coins and wealth management products to identify "systemic issues", with a view to closing any legal loopholes.
April 2 - Finance Minister suggests unlikely to raise the import tax on gold further to avoid smuggling and would instead introduce inflation-indexed instruments.
May 3 - The RBI restricts the import of gold on a consignment basis by banks.
June 3 - Finance minister says India cannot afford high levels of gold imports and may review its import policy.
June 5 - India hikes gold import duty by a third to 8 percent.
June 21 - Reliance Capital (RLCP.NS) halts gold sales and investments in its gold-backed funds.
June 24 - India's biggest jewellers' association asks members to stop selling gold bars and coins, about 35 percent of their business.
July 10 - India's jewellers could continue a voluntary ban on sales of gold coins and bars for six months.
July 22 - The RBI moves to tighten gold imports again, making them dependent on export volumes, but offers relief to domestic sellers by lifting restrictions on credit deals.
July 31 - India hopes to contain gold imports well below 845 tonnes that were shipped last year, Finance Minister says.
Aug 13 - India hikes import duty on gold for a third time in 2013 to 10 percent. Duties for silver and platinum also increased to 10 percent. Customs duty on gold dore bars, ore or concentrate increased to 8 percent from 6 percent.
Aug 14 - India turns the screws on gold buying again, banning imports of coins and medallions and making domestic buyers pay cash.
(Reporting by Siddesh Mayenkar; Editing by Muralikumar Anantharaman)
- Tweet this
- Share this
- Digg this
- UPDATE 3-U.S. regulator questions Verizon plan to slow data speeds for some
- U.S. resupplies Israel with munitions as Gaza offensive rages
- Landslide near Pune kills 10, scores feared trapped
- Drew Barrymore's half-sister found dead in car near San Diego
- England have Cook to thank for winning position - Root
A group of World Trade Organization (WTO) members has informally discussed adopting a global overhaul of customs rules without India if New Delhi goes ahead with threats to block the deal, sources familiar with the talks said on Thursday. Full Article