TaxTMI 
TaxTMI 
Government Takes Steps to Contain Current Account Deficit.
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....overnment Takes Steps to Contain Current Account Deficit. <br>News and Press Release<br>Dated:- 8-5-2012<br><BR>Press Information Bureau Government of India Ministry of Finance 08-May-2012 18:58 IST Government Takes Steps to Contain Current Account Deficit The current account deficit (CAD) as per cent of GDP during the last five years are given below: Years Current Account Deficit as per ....
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....cent of GDP 2007-08 1.3 2008-09 2.3 2009-10 2.8 2010-11 2.7 2011-12 (Up to December 2011) 4.0 The CAD is financed by capital account surplus and drawdown of foreign exchange reserves in case CAD exceeds capital account balance. Capital flows include both equity and debt. Short term trade credit financed about one-tenth to one-fourth of the CAD in the recent years. The recent increase i....
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....n CAD is due to widening of trade deficit on account of higher imports of POL and gold & silver. To lower the impact of gold imports on CAD under balance of payment, Government in the Union Budget 2012-13 has proposed to increase basic custom duty on standard gold bars; gold coins of purity exceeding 99.5 per cent and platinum from 2 per cent to 4 cent and on non-standard gold from 5 per cent to 1....
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....0 per cent. Further, the Reserve Bank of India has taken certain prudential measures in respect of Non-Banking Financing Companies (NBFCs) predominantly engaged in lending against collateral of gold jewellery, to restrict the loans against gold. This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Rajya Sabha today. * * * D....
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....SM/Hb<BR> News - Press release - PIB....