India imports gold worth $26 billion in April-December period

India imported gold worth about $26 billion during the April-December period of the current fiscal, Parliament was informed on Tuesday.

In a written reply to a query in the Rajya Sabha, Minister of State for Finance Jayant Sinha said 664.29 tonnes of gold worth over $25.74 billion was imported during April- December period of 2014-15.

The country exported 38.11 tonnes of gold during the nine month period, worth $1.55 billion.

Sinha said that on February 18, the Reserve Bank has allowed Star and Premier Trading Houses to import gold without any end-use restrictions.

In reply to a separate query, Sinha said the government has received representation from the Gems and Jewellery Export Promotion Council to grant banking licence to ABN Amro Bank, which is one of the largest financiers to the diamond industry.