June 3, 2013 6:27 PM

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Govt likely to reduce gold imports, ban on sale by banks: Secy DEA

The government could take more steps to reduce gold imports, including ban on sale of the yellow metal by banks. Talking to reporters after a meeting of the sub- committee of Financial Stability and Development Council in New Delhi on Monday, Secretary in the Department of Economic Affairs Arvind Mayaram said, export import policy of gold will have to be reviewed. He added, the Committee headed by RBI governor D Subbarao also discussed regulations of chit funds. AIR correspondent reports, gold and silver imports during April this year jumped by 138 per cent to 7.5 billion Dollars against 3.1 billion Dollars a year-ago. Due to high gold imports, the country's trade deficit in April widened to 17.8 billion Dollars.

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