India's 2013/14 gold, silver imports down 40 pct at $33.46 bln-govt source

Last Updated: Fri, Apr 11, 2014 08:55 hrs

Gold and silver imports into India, the world's second-biggest buyer of the metal, dropped 40 percent to $33.46 billion in 2013/14, a trade ministry source said on Friday, following a series of restrictions imposed by the federal government to curtail the current account deficit.

However, the fall in gold and silver imports narrowed in March, registering a fall of 17.27 percent from a year earlier to $2.76 billion, the source, who did not want to be named, told Reuters.

Last month, the Indian central bank allowed five more private banks to import the yellow metal, in what many saw it as a first significant step in easing of tough rules on imports.

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