“India’s record current account deficit is ‘worrying,’ Finance Minister P. Chidambaram said on Wednesday, and hinted at cutting gold imports to bolster weak external accounts that have brought back memories of a 1991 currency crisis. He said he was considering reining in imports of gold, used as an investment tool by Indians but which mean a drain on foreign currency reserves. ‘We may be left with no choice but to make it a little more expensive to import gold,’ Chidambaram said. Recently, Reserve Bank of India executive Director Deepak Mohanty urged investors to shift from physical gold as a hedge against rising prices to financial products like inflation-linked bonds.”
http://in.reuters.com/article/2013/01/02/india-gold-chidambaram-imports-idINDEE90102U20130102
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