RBI bans gold imports with bank credit
The Reserve Bank of India (RBI) has said that all letters of credit to be opened by nominated banks,
agencies for import of gold under all categories will be only on 100% cash margin basis. Further,
all imports of gold will necessarily have to be on documents against payment basis. Accordingly, gold imports on documents against acceptance basis will not be permitted.'
agencies for import of gold under all categories will be only on 100% cash margin basis. Further,
all imports of gold will necessarily have to be on documents against payment basis. Accordingly, gold imports on documents against acceptance basis will not be permitted.'
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