RBI easing gold import norms to favour jewellery market
The Dollar Business Bureau A latest move by the Reserve Bank of India late Wednesday evening, for the lift of ban on gold imports for nominated banks is expected to favour the domestic market. “Nominated banks are now permitted to import gold on consignment basis. All sale of gold domestically will, however, be against upfront payments. Banks are free to grant gold metal loans,” said RBI in its notification released late Wednesday evening. Through this move, the nominated banks of India will be able to import gold from the international banks and lend it to the local jewelers, which will not only encourage the banks to reach good margins, but also favours the domestic supplies. Prior to this in ...
