Gold bullion imports rose to $7.2 billion against the monthly average of $4bn to $5bn. For the April-Oct. period, cumulative imports to India - which has virtually no domestic gold mining output, but is the world's No.1 consumer - rose 64% year on year.
Savers withdrew 78.7 billion Rupees ($1.6bn) from small-savings deposit plans over the April-Sept. period, according to government data. The Association of Mutual Fund says government-bond savings plans saw 4% withdrawals.
"This is pure asset switching," local press quotes Commerce Secretary Rahul Khullar.