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In order to check gold imports, the Finance Ministry has tightened the rule for gold to be brought by an Indian coming from abroad.
Under the new rule, if an Indian citizen returning home after six months or more abroad can now bring in only one kg of gold. Earlier, this limit was 10 kg.
The norms have also been changed for silver. Now, a returning Indian citizen, after six months or more abroad, can bring in only 10 kg of silver. The limit was 100 kg earlier.
Increasing precious metal imports have become a major concern for the Government. This has widened the current account deficit and put pressure on foreign exchange reserves.
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