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Cogencis, Saturday, Aug 12
[C] MMTC Apr-Jul bullion imports up; solar panel push boosts silver buys
By Shrikant Kuwalekar and Darshan Rane
PANJIM - Gold imports by MMTC Ltd in Apr-Jul rose to 13 tn from 4 tn in the year-ago period, while silver was up at around 300 tn from 90 tn, Ashwini Kapoor, general manager, told Cogencis today.
In 2016-17 (Apr-Jun), the state-owned trading company imported only 13 tn gold and about 340 tn silver, Kapoor said on the sidelines of the India International Gold Convention here today.
"Demand for silver has gone up due to increased activity in solar panel business due to government thrust on non-conventional energy sources," he said.
Investors are also shifting to silver from gold due to taxation issues, Kapoor said regarding the significant rise silver imports.
MMTC's gold imports in 2017-18 are likely to be around 20 tn on a conservative basis amid ongoing uncertainties over goods and services tax and duty-free imports from Asian countries, which is hitting imports of nominated agencies such as MMTC.
However, if all the issues are resolved in a month or so, the company's gold imports would touch 30 tn.
Imports of silver could be between 500-600 tn, Kapoor said.End

Edited by Harsh Vardhan

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