Gold imports to the Indian commercial capital, Mumbai have fallen this FY, Customs sources informed.
During 11 months of this fiscal, gold imports were 148 kg, a customs officer at the city's Chattrapathi Shivaji International Airport.
Passengers brought gold in bar form and were mostly of .999 purity.
During the entire fiscal 2004-05 gold imports at the airport registered at 226 kg.
Analysts said high prices were responsible for this year's fall.
Inconstant and rising prices could also be the reason for the decline in imports after September last year, they added.
Mumbai is a major gold-trading and jewellery hub, but its imports of gold lag those centres which attract a lower sales tax such as Ahmedabad and Jaipur.
But analysts opine that a government initiative to move towards a uniform taxation regime through Value-added Tax (VAT) may increase Mumbai's imports.
marketing@alchempro.com
