Restrictions imposed on inbound shipments of gold by the Iranian government resulted in a decline of more than 74 percent in gold imports in Iran, to reach USD1.75 billion in April 2014.
Imports of gold in March reached to USD2.75 billion, or 17.27 percent lower than the same month in 2013 which was USD3.33 billion.
The strong growth in imports of petroleum products helped India€™s current account deficit (CAD) hit its highest rate of 4.8 percent of GDP in 2012-13.
To solve this problem, the government had increased customs duty on gold to 10 percent and banned import of gold coins and medallions.
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