To contain the current account deficit, RBI announced some measures to curb the demand for gold in the month of September 2013 considering one of the major reason for widening the current account deficit.
Supplies of the metal to special economic zones (SEZs) will not be counted as exports to qualify for further purchases from overseas. As per the existing norms, 20 percent of every lot of imported gold has to be made exclusively available for the purpose of exports.
Gold made available by a nominated agency to units in the SEZ and export oriented units, Premier and Star trading houses shall not qualify as supply of gold to the exporters.RBI announced that entities and units in SEZs and EoUs, Premier and Star trading houses are permitted to import gold exclusively for the purpose of exports.
The government aims to bring it down to USD 70 billion in 2013-14 fiscal from 88 billion US Dollar in 2012-13. Gold imports in April-July 2013 rose 87 percent to 383 tonnes.