gold imports | Cache Metals

gold imports

Reserve Bank of India allows more banks to import gold

The Reserve Bank of India (RBI) has allowed more banks, including Axis Bank and Kotak Mahindra Bank, to import gold under the 80:20 scheme, a move seen as a precursor to easing restrictions on inward shipments of the metal.
The government and the RBI had imposed tough measures to control gold imports, one of the primary causes of the current account deficit swelling to a record high $88.2 billion in 2012-13.
The government also increased customs duty on gold to 10 per cent from 4 per cent to discourage imports.

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