JAIPUR: Ruling out complete ban on gold import, finance minister P Chidambaram on Tuesday appealed to the people to moderate their demand for the precious metal which is costing the nation USD 50 billion in foreign exchange. "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 here.
Attributing the high current account deficit (CAD) to mainly gold import, Chidambaram said the inward shipments of the precious metal resulted in outgo of USD 50 billion.
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