New Delhi: Exports of gold jewellery, coins and medallions rose 22 per cent to Rs. 33,594 crore in the fiscal first half of 2014-15, mainly due to the 80:20 scheme by the Reserve Bank of India (RBI).
The Reserve Bank had in August last year allowed under the 80:20 scheme nominated agencies to import gold on the condition that 20 per cent, or one-fifth, of the import would be exported.
To boost value-added gold exports, the RBI in May this year eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal.
According to the Gems and Jewellery Export Promotion Council (GJEPC), the country exported gold jewellery and coins worth Rs. 33,594 crore in April-September period this year, up 22 per cent from Rs. 27,551 crore in the corresponding quarter a year ago.
Of total gold exports, jewellery was worth Rs. 27,530 crore and coins/medallions were worth Rs. 6,064 crore in the review period.
However, shipment of gold jewellery from Special Economic Zones (SEZs) as well as Export Processing Zones (EPZs) declined during the period under review.
Gold jewellery worth Rs. 11,299.67 crore was exported from SEZs and EPZs during April-September of this year, as against Rs. 14,578.72 crore in the same period corresponding year.
In fiscal year 2013-14, the country had exported gold jewellery and coins worth Rs. 70,000 crore.
India is the world’s largest gold consumer and meets its entire demand of almost 900 tonnes through imports.