India to review gold import curbs by March end: Chidambaram

New Delhi, Jan 27: The government will, by March end, review and may revisit some of the restrictions imposed on gold imports, Finance Minister P. Chidambaram said Monday.

Addressing an event to mark the International Customs Day here, Chidambaram hinted at easing the curbs on gold imports if there is a firm grip on the current account deficit (CAD).

India hiked duties on gold import to 10 percent last year to control the current account deficit that soared to more $88 billion in 2012-13.

“I am confident that by the end of the (financial) year, we will be able to revisit some of the restrictions on gold imports. But let me hasten to add we will do so only when we are absolutely sure that we have a firm grip on CAD,” Chidambaram said.

The finance minister said restrictions on gold imports helped in containing the current account deficit and to improve the balance of payments’ position.