Reserve Bank of India removes restrictions on Gold Import!
Posted on: 19/Feb/2015 5:55:27 PM
The reserve Bank of India has removed the restriction imposed on gold imports for banks and commercial establishments and for medals.
However, the restriction on banks directly selling gold coins to buyers still continues.
The country’s current deficit has been brought under control.
Following this, the central government has started removing the restrictions on gold import gradually.
The restriction that 20% of the gold imported should be exported as jewels was withdrawn a few months ago.
It is now expected that the import tax on gold may also be reduced.
