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Steps likely to curb gold import: Chidambaram

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Steps likely to curb gold import: Chidambaram
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New Delhi: The government is considering steps to curb import of gold by making it more expensive as it is partly responsible for the country's widening current account deficit, Finance Minister P. Chidambaram said Wednesday.

"We may be left with no choice but to make it more expensive to import gold. The matter is under government consideration," Chidambaram told reporters here.

The finance minister said rising import of gold is responsible for the widening current account deficit and steps must be taken to moderate it. "Demand for gold must be moderated," he said.

The current account deficit widened to a record high of 5.4 percent of GDP during July-September quarter of the current financial year, according to RBI data released Monday.

Falling exports due to the global slowdown, increased spending on oil imports and high gold import bill are the major reasons for widening in the current account deficit.

IANS

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