A nearly 90 per cent annual jump in gold and silver imports saw the country’s trade deficit rise to a seven month high of $20.14 billion in May from $17.8 billion in April. The gap was $16.9 billion in May last year.
Finance ministry officials expect measures, including a duty hike announced earlier this month, to dampen the demand for the precious metal and check the gap.
Gold and silver imports during May grew 89 per cent to $8.39 billion, while for April-May, it grew 109 per cent to $15.88 billion. Imports in April grew 138 per cent.
Indian and Chinese buyers have traditionally bought gold as a hedge against inflation and market risks. A fall in global prices had seen a surge in demand from these two mega-retail markets for the glittering metal at the expense of the burgeoning trade deficit.Shop Stately Steel Circle Drop Chandelier wholesale stainless steel earring,
Finance minister P. Chidambaram told a consultative committee meeting here today that “the only way to contain current account deficit is to increase the domestic production of oil and coal and restraining the consumption of gold”.Buy Promotional Anti-scratching PET protective film Products at Phones.
He said, “The government is looking at FDI caps to see if they are indeed serving the purpose.”
Imports during May rose 7 per cent to $44.65 billion mainly on the back of continued demand for gold.Best Buy has low prices on digital photo frames and digital picture frames. Imports of petroleum products were also high at $15 billion, up 3 per cent from last May.
Merchandise exports fell 1.1 per cent to $24.51 billion in May from the year-ago period. Commerce ministry officials said this was mainly because the government suspended gold trading in special economic zones (SEZs). Gold exports from SEZs in May declined to $0.8 billion.
Concerned over the decline from SEZs, the government has allowed exports after a minimum value addition of 3 per cent.
“We have now made it mandatory that even in SEZ, gold units shall comply with the DGFT (Directorate General of Foreign Trade) notification of minimum value addition of 3 per cent in gold jewellery and 5 per cent in gold and precious stone studded jewellery,” commerce secretary S.R. Rao said.
Niger’s government spokesman said the group was filming illegally, having entered the country with only a visa.
Journalists in Niger are required to also apply for an authorisation from the ministry of communication, said spokesman Marou Amadou, who is also the country’s justice minister.
He denied that the team is being held, saying only that their material was seized and is being inspected.
Hasan Salim Patel, a spokesman in the network’s media relations office, on Monday said that the Al-Jazeera crew had just finished filming a story on refugees who have been flooding across the Niger border from neighbouring Nigeria, where security forces recently launched a military operation to flush out Islamic insurgents.
Patel said the team was detained on Saturday after leaving the Niger town of Goure.
The team – correspondent Yvonne Ndege, camera operator Romuald Luyindula, producer Mohammed Abubakar, as well as their driver Rabiu Abdullahi – were transferred to the district capital of Zinder.
“They were taken to Zinder for questioning by what they believe are intelligence services and interrogated for 10 hours,customized letter logo Soft PVC bottle opener with magnet.” Patel wrote in an email.
“They were again arrested (on) Sunday, charged with espionage. A couple of hours later, denied any rights with passports, gear taken away and all personal belongings including shoes and jewellery. They were all put in shared holding cells, denied food and water.You Can Buy Various Improved PE protective film Products Products.”
Niger’s Justice Minister Marou Amadou told The Associated Press that Al-Jazeera had failed to get the proper accreditation.