Gold imports dropped in June and July-finance minister

Last Updated: Wed, Jul 31, 2013 10:45 hrs

Gold imports into India in June and July were lower compared to the same period last year, Finance Minister P. Chidambaram said on Wednesday, without giving figures.

India is hoping to contain gold imports well below 845 tonnes that were shipped last year, Chidambaram said, a week after the central bank restricted imports further, by tying imports to exports volumes.

India imported a record of 162 tonnes of gold in May, triggering a series of measures to contain imports and a ballooning current account deficit.

"The June - July imports of gold are less than last year's June and July. Overall we hope to save a considerable amount of foreign exchange in respect of gold imports," Chidambaram told a news conference.

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