India’s Finance Minister, Palaniappan Chidambaram, does not believe a rollback of restrictions in place in the country to slow gold imports is on the agenda.
The measures were introduced last year to shrink the country’s trade deficit.
Chidambaram’s comments come after media reports suggested that Sonia Gandhi, leader of India’s ruling Congress Party, had sent a letter to the Indian government requesting that gold import restrictions be eased. Import duty in India is 10 percent, while 20 percent of Indian gold imports must leave the country as exports.
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Mingze Wu
centers on forex and macro-economic trends impacting the Asia Pacific region.
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