..........No wonder, Finance Minister P Chidambaram’s and RBI Governor Duvvuri Subbarao’s job is already cut out. On the one hand, high imports of gold are one of the main culprits of the current account spiralling to a deficit at 5.4 per cent of the gross domestic product in the July-September quarter. On the other, people are rushing to buy gold because other financial instruments are not giving substantial returns. Both have already tried quite a few tricks. The finance ministry has increased gold import duty to six per cent – five times more from just the one percentage point importers paid last January. RBI has asked banks to reduce lending to gold loan companies. But imports, at 604 tonnes till September in the year, have continued...........
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