No plans to roll back gold import curbs - Chidambaram

MUMBAI Thu Jan 23, 2014 5:14pm IST

Finance Minister Palaniappan Chidambaram attends a session at the annual meeting of the World Economic Forum (WEF) in Davos January 22, 2014. REUTERS/Denis Balibouse

Finance Minister Palaniappan Chidambaram attends a session at the annual meeting of the World Economic Forum (WEF) in Davos January 22, 2014.

Credit: Reuters/Denis Balibouse

Related Topics

MUMBAI (Reuters) - 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 Davos.

"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 letter.

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)

FILED UNDER:

REUTERS EXCLUSIVE

Reuters Showcase

Reaction to Budget

Reaction to Budget

India budget unlikely to impact credit rating - agencies  Full Article 

PMI Data

PMI Data

Factory activity growth slows to five-month low in Feb  Full Article 

Documents Leaked

Documents Leaked

Indian Oil suspends official for leaking information - sources  Full Article 

Coal Auction

Coal Auction

India examines coal mine bids amid reports of discrepancies  Full Article 

Ola Buys Rival

Ola Buys Rival

Ola buys rival TaxiForSure for $200 million  Full Article 

Priority Sector

Priority Sector

RBI revises priority sector lending norms  Full Article 

Global Economy

Global Economy

Global stimulus swells as China eases, ECB to start soon on QE  Full Article 

Steel Industry

Steel Industry

Steelmakers hit by uncertainty over import duty hike   Full Article 

HP Buys Aruba

HP Buys Aruba

HP to buy Wi-Fi gear maker Aruba Networks for $2.7 billion  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage