Manoj's Feed
Jun 5, 2013

India raises gold duty to 8 pct, imports likely to drop

NEW DELHI/MUMBAI, June 5 (Reuters) – India has increased
import duty on gold by a third to 8 percent as the government of
the world’s biggest buyer of bullion seeks to halt a surge in
demand that threatens to widen a record current account deficit
yet further.

The increase was announced a day after the central bank
acted to force domestic jewellers to buy only on a cash basis
and is expected to slash imports, which had hit 162 tonnes in
May, twice the monthly average of 2011 when they reached a
record.

Jun 4, 2013

India likely to raise foreign investment limit in government bonds: sources

NEW DELHI (Reuters) – India is likely to raise the cap on foreign investment in sovereign debt by $5 billion soon, two finance ministry officials said on Tuesday, a move that may support the sliding rupee and help fund a high current account deficit.

The rupee fell 4.8 percent in May and was the worst performing Asian currency.

A weak rupee will push up India’s import bill, which could fuel inflation and worsen a current account deficit that was equivalent to a record 6.7 percent of gross domestic product in December.

Jun 4, 2013

India likely to raise foreign investment limit in govt bonds – sources

NEW DELHI, June 4 (Reuters) – India is likely to raise the
cap on foreign investment in sovereign debt by $5 billion soon,
two finance ministry officials said on Tuesday, a move that may
support the sliding rupee and help fund a high current account
deficit.

The rupee fell 4.8 percent in May and was the worst
performing Asian currency.

A weak rupee will push up India’s import bill, which could
fuel inflation and worsen a current account deficit that was
equivalent to a record 6.7 percent of gross domestic product in
December.

Jun 4, 2013

Corrected – May gold imports jump, more curbs possible

NEW DELHI (Reuters) – India imported around 162 tonnes of gold in May, a finance ministry spokesman said on Monday, much more than expected and making further measures from the government to curb demand in the world’s biggest bullion buyer almost certain.

The figure is sharply higher than April, even though it is below an estimate of 262 tonnes earlier in the day from Finance Minister P. Chidambaram which had stunned experts, including the World Gold Council and the Bombay Bullion Association.

Jun 3, 2013

May gold imports jump, more curbs possible

NEW DELHI (Reuters) – India imported around 162 tonnes of gold in May, a finance ministry spokesman said on Monday, much more than expected and making further measures from the government to curb demand in the world’s biggest bullion buyer almost certain.

The figure is sharply higher than April, even though it is below an estimate of 262 tonnes earlier in the day from Finance Minister P. Chidambaram which had stunned experts, including the World Gold Council and the Bombay Bullion Association.

Jun 3, 2013

India’s May gold imports jump, more curbs possible

NEW DELHI, June 3 (Reuters) – India imported around 162
tonnes of gold in May, a finance ministry spokesman said on
Monday, much more than expected and making further measures from
the government to curb demand in the world’s biggest bullion
buyer almost certain.

The figure is sharply higher than April, even though it is
below an estimate of 262 tonnes earlier in the day from Finance
Minister P. Chidambaram which had stunned experts, including the
World Gold Council and the Bombay Bullion Association.

May 14, 2013

Inflation back in India’s comfort zone after 3 years

NEW DELHI, May 14 (Reuters) – India’s headline inflation
fell below 5 percent in April, dropping within the central
bank’s comfort zone for the first time in more than three years
and fuelling market hopes for more monetary easing to revive
flagging economic growth.

The wholesale price index rose 4.89 percent from a year
earlier and was the lowest inflation rate since November 2009
and well below the 5.50 percent forecast by analysts in a
Reuters poll. It was more than a full percentage point lower
than the 5.96 percent rise in March.

May 14, 2013

Inflation at 4.89 percent, back in RBI’s comfort zone

NEW DELHI (Reuters) – India’s headline inflation fell below 5 percent in April, putting it back in the Reserve Bank’s comfort zone for the first time in more than three years and fuelling market hopes for more monetary easing to revive the economy’s pedestrian growth rate.

April’s reading of 4.89 percent was the lowest since November 2009 and well below the 5.50 percent estimated by analysts in a Reuters poll. The wholesale price index, India’s main inflation measure, rose an annual 5.96 percent in March.

May 13, 2013

Huge gold shopping spree new headache for RBI

NEW DELHI (Reuters) – A 138 percent jump in gold imports in April heightened worries about India’s current account deficit, offsetting any comfort policymakers took from slowing inflation and limiting space for monetary easing to help revive a moribund economy.

India’s April trade deficit leapt more than 72 percent from March to $17.8 billion, the government said, after retail customers in the world’s largest gold importer went on a spree to take advantage of a correction in global gold prices.

May 13, 2013

Huge gold shopping spree new headache for India’s central bank

NEW DELHI, May 13 (Reuters) – A 138 percent jump in gold
imports in April heightened worries about India’s current
account deficit, offsetting any comfort policymakers took from
slowing inflation and limiting space for monetary easing to help
revive a moribund economy.

India’s April trade deficit leapt more than 72
percent from March to $17.8 billion, the government said, after
retail customers in the world’s largest gold importer went on a
spree to take advantage of a correction in global gold prices.