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Chidambaram: more steps to cut gold imports if needed
May 21, 2013 / 1:41 AM / 4 years ago

Chidambaram: more steps to cut gold imports if needed

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.

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

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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