GOLD PRICES SET TO FLUCTUATE- IS IT THE RIGHT TIME TO INVEST?? Under a notification issued by the RBI, banks and authorised agencies will have to ensure that at least 20 percent of imported gold is made available for exports. The importers, it said, will be required to keep 20 percent of the consignment with customs bonded warehouses. “It shall be incumbent on all nominated banks/nominated agencies to ensure that at least one fifth of every lot of import of gold (in any form/purity including import of gold coins/dore) is exclusively made available for the purpose of export.” The RBI said banks and other authorised entities will be permitted to undertake fresh imports of gold only after the exports have taken place to the extent of at least 75 percent of gold remaining in the customs bonded warehouse. Traders and jewellers said the restriction is likely to make gold costlier in the coming days.
Posted on: Tue, 23 Jul 2013 17:57:24 +0000
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