Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

BULLION IMPORTERS
UNOFFICIAL IMPORTS
Government gold import schemes have dramatically reduced the proportion of unofficial imports.
Its share in 2001 was 10%. However, when import duty was temporarily increased from Rs 250 to Rs 400 per 10 g between
January 1999 and February 2001, its share increased to 21% in 2000.
The main bullion re-export centres for India include Dubai, Singapore and Hong Kong.
Unofficial imports can arrive directly from these centres, and via other countries that border India: Pakistan, Nepal,
Bangladesh and Myanmar, and the nearby island of Sri Lanka.
GOLD IMPORTS FOR DOMESTIC CONSUMPTION 1990 – 2001
Year Official Unofficial Grand %
NRI SIL OGL Total Total * Total Official
1990 - - - - 176 176 -
1991 - - - - 155 155 -
1992 93 - - 93 169 262 35
1993 116 - - 116 123 239 49
1994 158 19 - 177 119 296 60
1995 228 21 - 249 135 384 65
1996 256 42 - 298 110 408 73
1997 398 68 62 528 114 642 82
1998 93 2 533 628 60 688 91
1999 4 2 554 560 91 651 86
2000 4 2 526 532 141 673 79
2001 2 1 599 602 70 672 90
Total 1,352 157 2,274 3,783 1,463 5,246 72
Source: Madhusudan Daga and other sources. * Includes Customs seizures.
Over the past 5 years, total imports for domestic consumption have ranged between 640 and 690 tonnes.
Imports surged in 1997 when the annual rupee gold price fell for the first time in decades.
The price averaged 12% less than in 1996.
In January 1997, the NRI import limit was also raised from 5 kg to 10 kg.
AN INTRODUCTION TO THE INDIAN GOLD MARKET 59