"More steps will have to be taken to reduce gold imports. Export import policy on gold will have to be reviewed. May consider banning gold coin sale by banks," Department of Economic Affairs Secretary Arvind Mayaram said.
He was talking to reporters after a meeting of the sub- committee of Financial Stability and Development Council, headed by RBI governor D Subbarao.
The committee also discussed, among other things, regulations of chit funds, Mayaram said.
Gold and silver imports during April, 2013 jumped by 138 per cent to $7.5 billion against $3.1 billion in the year-ago period.
Due to high gold imports, the country's trade deficit in April widened to $17.8 billion year on year.
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