India clamps down on gold imports | beyondbrics

India clamps down on gold imports | beyondbrics:

"

The Reserve Bank of India (RBI) has put new restrictions in place to limit gold imports, in an attempt to control the country’s unsustainable current account deficit and ease pressures on the depreciating rupee.

The central bank announced late on Monday that 20 per cent of imported gold must be set aside for export with the remainder going to the jewellery industry.

The new restrictions come into force with immediate effect and require that 20 per cent of imported gold is held in customs bonded warehouses – overseen by the customs authority, like a deposit scheme – and only when 75 per cent of that stock has been exported can a further round of imports take place."

'via Blog this'