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|19 September, 2018

World Gold Council warns India against curbs on gold imports

India should not tamper with its gold import duty or impose other restrictions to support the rupee, the World Gold Council said

Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015.

Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015.

REUTERS/Neil Hall/File Photo

NEW DELHI- India should not tamper with its gold import duty or impose other restrictions to support the rupee, the World Gold Council said on Wednesday, as the government considers ways to cut "non-necessary" imports to stem an outflow of dollars.

Somasundaram PR, managing director of the Indian operation of the industry body, said current demand for the metal is down 7 percent this year from a year earlier and that gold was "not at the centre of the current account deficit issue".

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(Reporting by Neha Dasgupta; Writing by Krishna N. Das;Editing by Sanjeev Miglani) ((Krishna.Das@tr.com; +91-98711-18314, +91 11 4954 8026; Reuters Messaging: Krishna.Das.thomsonreuters.com@reuters.net, Twitter: https://twitter.com/krishnadas56))