India Eases Gold Import Restrictions

Mineweb reported yesterday that the Indian government has eased gold import restrictions. The move allows some of the country’s banks in the private sector to buy the yellow metal from abroad.

As quoted in the market news:

Under new rules, private banks such as Axis Bank, IndusInd Bank, Kotak Mahindra Bank and Yes Bank are now allowed to import gold under an existing 80:20 scheme in order to boost supplies for gold jewellery exporters.

Traders pointed out that the move is expected to double monthly imports of the precious metal. However, no central bank notification on the policy easing has been released since the move is mainly aimed at curbing gold smuggling.

Click here to read the full Mineweb report.