Gold imports up by 14% in FY'11 at 969 tonnes.

New Delhi: India's gold imports rose by 14 percent during 2010-11 fiscal at 969.73 tonnes, Parliament was informed on Friday.

The gold import stood at nearly 851 tonnes in 2009-10 fiscal, the Minister of State for Finance Namo Narain Meena said in a written reply in the Lok Sabha.

In value terms, gold imports rose by 36 percent to Rs 1,84,728 crore in 2010-11, from Rs 1,35,877 crore in the previous financial year, the data showed.

"Import of gold, except for monetary purpose, is free ... However, it is subject to Reserve Bank of India regulations.

There is no proposal to change this policy at present," the minister said.

India is the world's largest gold importer.

In his Budget proposal, Finance Minister Pranab Mukherjee had doubled the basic customs duty on standard gold bars to four percent and on non-standard gold to 10 percent. He also imposed one percent excise duty on unbranded jewellery.

Meanwhile, the strike by bullion traders and jewellers to protest the proposed increase in import duty on gold and imposition of excise duty on unbranded jewellery entered the 14th day today.

Source : zeenews.india.com