by Shivom Seth:
MUMBAI (MINEWEB) -
The rumblings are getting louder by the day. The Indian government is considering more steps to curb gold imports and is looking to put a cap on the purchases of the precious metal to contain the country's swelling current account deficit.
The world's biggest gold importer has been trying to get its population to buy less of the metal and help bring down the country's import bill.
Late January, the government hiked the import duty on gold and platinum to 6% from 4% to curb imports of the precious metal. However, realising that an import duty hike was in the offing, bullion retailers purchased 23% more gold in January this year, ahead of the duty hike. ...