India to Review Gold Import Policy Amid Record Deficit
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India, the world’s largest bullion consumer, plans to review import policy after shipments surged in the past two months, threatening to widen a record current-account deficit.
The country can’t afford high levels of purchases and policies will be reassessed if needed, Finance Minister Palaniappan Chidambaram told reporters in New Delhi today. He didn’t specify what changes could be made. Imports may have been about 162 metric tons in May, the Finance Ministry said.