"We cannot completely ban import of gold.
"There is a long time attachment to gold in this country.
“I am requesting. . . can we for sometime moderate the demand for gold?
"Can we reduce our appetite for gold? If you are buying, say 20 grams, can you buy 10 grams," he said while addressing a press conference in Jaipur.
Attributing the high Current Account Deficit to mainly gold import, Chidambaram said the inward shipments of the precious metal resulted in outgo of $50 billion.
"We have a CAD. $50 billion is the cost of gold. I am appealing to the people of India to moderate demand for gold," the minister said.
Gold imports in June are estimated to have fallen to around 31 tonnes, down from 162 tonnes in May and 141
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