Wednesday, August 14, 2013

RBI tightens gold import norms

Realigning norms on gold imports, the Reserve Bank of India (RBI) has mandated that banks and bullion trading houses must retain 20% of every lot of imports of the metal at customs warehouses. The RBI has also added that fresh gold can be imported only when 75% of the stock lying in these warehouses is used for export purposes.


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