India’s revenue from gold almost doubled: FM

India’s revenue from gold almost doubled: FM

New Delhi: India’s revenue from import of gold almost doubled in 2010-11 as compared to the previous year, Parliament was informed on Friday.

Revenue turnover in respect of customs duty collected from the import of gold was Rs2,553.52 crore in 2010-11 against Rs1,567.64 crore in 2009-10, finance minister Pranab Mukherjee said in a written reply in Lok Sabha.

Mukherjee said according to World Gold Council, India is the largest consumer of gold in the world followed by China.

As far as silver is concerned, the country is among the largest consuming countries along with United States, Canada, Mexico, United Kingdom, France, Germany, Italy and Japan.

The minister said spot price of gold has increased by 78.11% in March this year as compared to April 2008. For silver the increase during the period is 152.79%.

While spot price of gold on 31 March 2011 was Rs20,760 per 10 gram against Rs11,656 on 1 April 2008, the silver prices stood at Rs55,900 against Rs22,113 per kg during the period under review he added.

The spot price is the price of a commodity, like silver, gold or platinum, at a given time.

The finance minister said that India is a net importer of gold and silver.

He said prices of these precious metals depended on international prices.

“Volatility in the prices of gold and silver in India is mainly due to the volatility in the prices of these commodities in the international markets," Mukherjee said.