Gold imports dipped by 31.25 per cent to USD 6.05 billion during April-May 2018 on account of various curbs introduced by the government to check inbound shipments,
Parliament was informed today.
The government has introduced several measures to restrict the import of gold in the country and those steps include imposition of restriction on duty free gold imports from the South Korea as allowed under the existing India-Korea free trade agreement, and imposition of self-use condition on Premiere Trading House/Star Trading House authorised to import the precious metal (gold) directly from overseas bullion supplier.
The government had also imposed restrictions on export of gold jewellery and articles, including medallions and coins of purity above 22 carats.
News Source:- artofjewellery.com