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Export of Gold Ornaments– 47.61 Crore Dollar Descent
Posted on: 16/Dec/2013 11:32:59 AM
Due to Central Government and Reserve Bank of India’s, control of gold export action, during the month of November the gold ornaments export was descent to 47.61 Crore Dollar. Last year during the same month, the range was about 69.36 Crore Dollar higher.
In the last financial year, due to the depression of economy in Western countries, export in our country got reduced. Because of high import of Gold and crude oil, import of commodities got increased. Hence, the current account deficit between the foreign exchange expulsion and income has got increased to 8,820 Crore Dollar. The value of Indian rupee for dollar got descent.
In order to control the gold import, the Central government has increased 10 percentages on the gold import tax. Ban order was placed on importing Gold coins and medals. Moreover, the reserve bank has announced that, about 20 percent of the gold has to be re-exported with high value. Due to these actions, the import of gold got descent. Due to decrease in gold rate internationally, demand got raised among the gold ornament business.
During the October month, gold import was reduced to 23.5 tons. The range was about 60 tons last year in the same month. It is expected that the gold import value will get descent to half i.e., only 500-550 ton.
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