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Gold imports to begin after two-month impasse
Importing agencies get clarity on RBI's 80/20 rule
By: Diamond World News Service
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Sep 21 2013 11:04AM
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Reference: 8258  

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After a two month impasse on gold imports and a recent meeting with the government officials of trade and finance ministries and India's gem and jewellery industry, imports of the yellow metal will once again begin, reports say.

The impasse followed confusion over correctly interpreting the Reserve Bank of India's 80/20 ruling on July 22, in which one fifth of the gold imported had to be used for exports. Also, if the 20 percent exports was not met with further fresh imports were not allowed. The RBI has initiated this ruling to curb the country's growing current account deficit. There was a thought process that one could not export more than 20 per cent, reports suggest. This lead to importing agencies stopping purchases, as they did not have any clear direction on the implementation fo the ruling. Imports were stranded at the airports and created a short supply in the domestic market, and a rise in the domestic gold prices, reports say.

During the meeting, ways to implement the rules were sorted and agreed upon between the government and the importing agencies like banks and MMTC. It was cleared that more than 20 percent of gold imported can be exported, reports say.

Also, the gold imports stuck at the customs are expected to be immediately released. This development has encouraged the gem and jewellery industry serve the festive season demand and ease prices int he domestic market, reports say. Imports are said to being immediately, reports say.

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