India’s finance minister Chidambaram is concerned that India cannot afford such high levels of gold imports after figures showed import of gold was 162 tonnes in May. He indicated there may be a review of the import policy:

  • Measures may include barring banks from selling gold coins
  • Gold may be imported only for actual users (jewellry etc., “I don’t think it should be allowed for trading”)

Gold imports jump; more curbs in the offing: FinMin