RBI rules on inward shipments to hold gold
imports
20/02/2015 13:14
Gold imports in India, the world’s largest consumer, will not increase in the coming months following the RBI easing curbs on inward shipments of gold coins and medallions, said the media report.
However, the RBI’s clarification banks can provide gold on loan to jewellers will reduce working capital obligations of the former, they added.
“The RBI has not clarified anything that will encourage imports in the coming months. There will not be any increase in the imports,” All India Gems and Jewellery Trade Federation Director Bachhraj Bamalwa told media.
Imports can increase if the government brings down import duty from the existing 10 per cent level, he added.
Echoing views, PC Jeweller Managing Director Balram Garg said, “There will not be any increase in imports but jewellers will be benefited as their working capital obligation will reduce.”
The Reserve Bank has lifted ban on imports of gold coins and medallions by banks and trading houses and also allowed banks to provide gold on loan to jewellers.
20/02/2015 13:14
Gold imports in India, the world’s largest consumer, will not increase in the coming months following the RBI easing curbs on inward shipments of gold coins and medallions, said the media report.
However, the RBI’s clarification banks can provide gold on loan to jewellers will reduce working capital obligations of the former, they added.
“The RBI has not clarified anything that will encourage imports in the coming months. There will not be any increase in the imports,” All India Gems and Jewellery Trade Federation Director Bachhraj Bamalwa told media.
Imports can increase if the government brings down import duty from the existing 10 per cent level, he added.
Echoing views, PC Jeweller Managing Director Balram Garg said, “There will not be any increase in imports but jewellers will be benefited as their working capital obligation will reduce.”
The Reserve Bank has lifted ban on imports of gold coins and medallions by banks and trading houses and also allowed banks to provide gold on loan to jewellers.
