India's Gold imports declined to 398 tonnes during April to October of 2012-13 from 589 tonnes during the same period in the previous fiscal, the Parliament was informed on recently.
The import of gold had declined from 589 tonnes in 2011-12 (April to October ) to 398 tonnes in 2012-13 (April to October ).
In value terms, it has declined from Rs.1.40 lakh crore to Rs.1.15 lakh crore, the Minister of State for Finance Mr. S.S. Palanimanickam said Rajya Sabha in a written reply.
Mr. S. S. Palanimanickam said, ''Gold imports have declined during the first half of 2012-13. But trade deficit has increased marginally in this period due to increase in imports of other items. There was no information available as to whether the increase in customs duty on gold had caused less demand from consumers. Import of gold attracts basic customs duty which was increased on January 17, 2012 & again in the Union Budget 2012-13"
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