Fewer gold coin gifts this Diwali, Chidambaram rules out imports

October 22, 2013 16:56

Finance Minister P Chidambaram today ruled out the possibility of lifting a ban on import of gold coins and medallions and asked banks to strictly follow guidelines restricting inward shipments of the metal.

"Import of gold coins and gold medallions is prohibited. Nobody can import gold coins and medallions," he said, referring to a suggestion that the government should allow import of coins for 'shagun' (auspicious gift) purposes.

He said traders can buy gold from the domestic market and make coins, but the government will not relax the curbs that were imposed to contain the current account deficit (CAD).

Chidambaram said banks have been asked to strictly adhere to the norms on gold imports.

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