Government looking to contain gold imports at 850 tonnes this year: Chidambaram

NEW DELHI: The government is looking to contain gold imports at 850 tonnes, Finance Minister P. Chidambaram said on Monday, as part of efforts to cut the current account deficit which has hit a record high.

In 2012, India, known for its penchant for gold, imported 860 tonnes.

Although the government is trying to curb gold imports, Indians bought more in July than June, and their insatiable appetite has forced neighbouring countries to take steps to curb their own imports.

Separately, Chidambaram also said there might be more space for oil imports from Iran.

India's Mangalore Refinery and Petrochemicals Ltd said on Monday it expects to receive an Iranian oil cargo by the end of this week, the firm's first purchase from the sanctions-hit nation since April.