Next move on gold import will be done on studying the consequences, RBI
Posted on: 04/Dec/2014 2:57:28 PM
Reserve Bank of India states that the next move with regards to gold import will be decided after analyzing the consequences of removing rules and regulations for exporting 20 per cent of imported gold in the country.
A new rule was imposed by the government as per which gold importers were allowed to use only 80 per cent of imported gold within the country, and the remaining 20 per cent were ought to be converted into gold ornaments and exported. This rule was however withdrawn which has obviously created consequences in the financial status.
Speaking about this, governor of RBI states that the consequences of withdrawal of this rule will be studied in detail. He also pointed that the rule was withdrawn because of the dip in price of crude oil, and said further steps on gold import will be made after analyzing the consequences of this issue.
