Between April and August, gold impo

Between April and August, gold imports have jumped 40% YoY as low global prices stoked demand and curbs were eased. Despite this rise, the metal's imports are way below 2010-13 highs. Back then, gold imports were the second highest import item behind crude oil purchases and had led to a wider current account deficit. Several restrictions imposed in 2013 saw imports drop ~70% in FY14, with investment-led demand for gold halving from year before.

With this in mind, there is a broader push to divert investment-related demand and lower reliance on gold imports. Beyond temporary curbs, the government recently approved a sovereign gold bond scheme and gold monetisation scheme (GMS). The schemes were first floated in the February budget and aim to a) channel investment-related demand for gold towards financial savings and b) better mobilise idle gold stocks with households and other institutions.

Of the two, the sovereign bond scheme (SBS) might have a higher chance of success, under which instead of buying gold in physical form, investors will be able to purchase sovereign bonds backed by the metal. Plans are to raise INR 150bn in the first tranche, carrying a return of 2-3% in addition to the capital appreciation pegged to global prices according to press reports. By contrast, under GBS, mobilising gold deposits held by households, religious institutions and trusts might be an uphill task. Few restrictions could also hurt its operational viability, for instance the form in which the metals can be deposited etc.

Overall, demand for gold has moderated sharply since last year on the back of administrative controls. Instead of physical assets (like gold) savings are likely to channelled back towards the financial assets, on better-faring asset markets, easing inflation and focus on deposit mobilisation. This should help contain the fallout on the economy's current account position, which has already got a timely hand from the sharp fall in global crude prices

Hasil (Inggris) 3:

四月和八月之间，黄金进口同比增长了40%的价格低了需求和限制被放宽，全球。尽管这种上升，金属的进口量远低于2010-13年新高。当时，黄金进口是原油采购后的第二个进口项目，导致了更大的经常账户赤字。在2013多个限制看到进口下降70%年~，投资黄金的需求将从LED的前一年。有了这个想法，有一个更广泛的推动转移投资有关的需求和较低的依赖黄金进口。临时的限制之外，政府最近批准了金币债券方案和黄金货币化方案（GMS）。该方案在二月首先提出的预算和目的）渠道投资相关的黄金需求在金融储蓄和B）更好的调动闲置的黄金股与家庭和其他机构。

的两，主权债券计划（SBS）可能有更高的成功率，而不是在物理形式下，购买黄金，投资者可以购买由金属支持的主权债券。计划在第一批提高INR 1500亿美元，除了资本升值与全球价格据媒体报道携带2-3%的回报。相比之下，在GBS，动员家庭持有的黄金矿床，宗教机构和信托可能是一项艰巨的任务。一些限制也可能会伤害其运作上的可行性，例如，在该表格中，金属可以沉积等。总体而言，自去年以来，对黄金的需求已大幅放缓。而不是实物资产（如黄金）的储蓄很可能将回到金融资产，资产市场上更好的表现，缓解通货膨胀和存款动员重点。这应该有助于遏制经济的当前帐户的地位，这已经得到了及时的手从全球原油价格急剧下降