Timeline: India's efforts to curb gold imports

India, the world's top gold buyer, has taken a series of measures this year to curb demand for bullion - its second-biggest import after oil - as it looks to reduce its record trade deficit.

Following are the measures taken by the RBI and the government in 2013: Jan 21 -- The government raises gold import duty by 2 percent to 6 percent. Jan 22 -- The government more than doubles duty on raw gold to 5 percent. Jan 30 -- Finance Minister P. Chidambaram says no plans for additional taxes or curbs on gold imports. Feb 1 -- The RBI plans to introduce three to four gold-linked products in the next few months. Feb 6 -- The RBI says it would consider imposing value and quantity restrictions on gold imports by banks. Feb 14 -- The central bank relaxes rules on gold deposit schemes offered by banks by allowing lenders to offer the products with shorter maturities. Feb 20 -- Trade ministry recommends suspending cheaper gold jewellery imports from Thailand. Feb 28 -- India keeps its gold import duty unchanged in its annual national budget, defying industry expectations. Feb 28 -- India proposes a transaction tax of 0.01 percent on non-agricultural futures contracts including precious metals. March 1 -- Finance minister appeals to people not to buy so much gold. March 18 -- The Reserve Bank of India says it is examining banks that sell gold coins and wealth management products to identify "systemic issues", with a view to closing any legal loopholes. April 2 -- Finance Minister suggests unlikely to raise the import tax on gold further to avoid smuggling and would instead introduce inflation-indexed instruments. May 3 -- The RBI restricts the import of gold on a consignment basis by banks. June 3 -- Finance minister says India cannot afford high levels of gold imports and may review its import policy. June 5 -- India hikes gold import duty by a third to 8 percent. June 21 -- Reliance Capital halts gold sales and investments in its gold-backed funds. June 24 -- India's biggest jewellers' association asks members to stop selling gold bars and coins, about 35 percent of their business. July 10 -- India's jewellers could continue a voluntary ban on sales of gold coins and bars for six months. July 22 -- The RBI moves to tighten gold imports again, making them dependent on export volumes, but offers relief to domestic sellers by lifting restrictions on credit deals.