Gold imports more than doubled in March to 125 tonnes from a year ago around the festival of Akshaya Tritiy.
Gold imports in the fiscal year 2014/15 ended March 31 jumped to 900 tonnes, up 36 per cent from a year ago, the TV reports showed.
Narendra Modi would also like to convince people to open their family vaults, which hold an estimated 17,000 tonnes of gold in jewellery and other heirlooms.
In moving towards recycling of gold held in households and temple trusts for years, Finance Minister Arun Jaitley signalled the government's intent to cut shipments into the world's top consumer o...
The arrest is likely to strengthen pressure on Finance Minister Arun Jaitley to cut the gold import duty from a record-high 10 per cent in his maiden full-year Budge.
Banks would again be allowed to import gold on a "consignment basis", under which they act as intermediaries and don't pay for the stock until a buyer has been found, which is usually quickly.
The World Gold Council forecast demand for gold in both India and China to rise to 900-1,000 tonnes in 2015, but said India was likely to retain its edge.
"The government is also considering our recommendation of a reduction in the import duty," said Bachhraj Bamalwa, director of the All-India Gem and Jewellery Trade Federation.
Gold importers are offering a discount of $2 an ounce versus London prices for the first time in five months due to market oversupply.
Traders had expected clarifications to the 80-20 rule, but there have been none yet. Another reason for the lack of strong imports is the adequate gold supply.
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