Gold imports in India have declined this January.
India is the second largest gold buyer in the world. China has topped the list. India’s gold imports, which are usually at the forefront, have declined in January this year. In January last year, India’s gold imports stood at 47 per nine tonnes, down 37 per cent in January this year.
In the expectation that the tax rate would be lower for gold imports, gold traders have kept imports. However, there was no change in the gold import tax rate in the Union Budget on the last one day.