Gold imports in value terms have dipped 65 per cent in the quarter ended September 30, after having risen 80.5 per cent in the April quarter.
The restrictions imposed by RBI and the subsequent confusion about the new norms brought down the imports during the second quarter of this financial year (FY14). In the second quarter, the country imported $3.9 billion worth gold, against $11.1 billion in the September quarter of last year.
According to the RBI data, 55 per cent of the dip was due to the decline in the quantum of gold imported.
The international prices too had softened in the quarter. On a sequential basis, import value fell 76 per cent from $16.5 billion in the April quarter to $3.9 billion in the September quarter.
In the April quarter of this year, the import value of gold had surged 80.5 per cent to $16.5 billion from $9.1 billion in the same quarter last year. This was mainly due to increased demand for the metal after prices crashed in April and remained subdued in May.
In July 22, RBI had brought in 80:20 formula, under which 20 per cent of every consignment of gold should be imported for reexport purposes.
The import came to a halt after RBI imposed new restrictions and in the first week of September the custom department issued a circular trying to clear the confusion with regard to the new norm. However, the shipments were not fully cleared even after the issue of clarification.
The restrictions imposed by RBI and the subsequent confusion about the new norms brought down the imports during the second quarter of this financial year (FY14). In the second quarter, the country imported $3.9 billion worth gold, against $11.1 billion in the September quarter of last year.
According to the RBI data, 55 per cent of the dip was due to the decline in the quantum of gold imported.
The international prices too had softened in the quarter. On a sequential basis, import value fell 76 per cent from $16.5 billion in the April quarter to $3.9 billion in the September quarter.
In the April quarter of this year, the import value of gold had surged 80.5 per cent to $16.5 billion from $9.1 billion in the same quarter last year. This was mainly due to increased demand for the metal after prices crashed in April and remained subdued in May.
In July 22, RBI had brought in 80:20 formula, under which 20 per cent of every consignment of gold should be imported for reexport purposes.
The import came to a halt after RBI imposed new restrictions and in the first week of September the custom department issued a circular trying to clear the confusion with regard to the new norm. However, the shipments were not fully cleared even after the issue of clarification.
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