The import of gold fell sharply by 76% to 60 tonnes in the April-July period this fiscal on account of high import duty and other taxes. According to gold and silver refiner MMTC-PAMP, the import stood at 250 tonnes in the year-ago period. The gold imports by MMTC-PAMP have also fallen to mere five tonnes during the period as against 50 tonnes a year ago.
The country has imported around 80 tonnes of gold through unofficial channels in these four months in the wake of high import duty. Imports are also down because local traders are clearing unaccounted stock after introduction of one percent excise duty.
India, the world's second biggest gold consumer after China, imported 650 tonnes in the 2015-16 fiscal.