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Commodities Briefing - Categorized | Bullion/Gold, Regulatory more

India gold imports hit by new rule

Posted on 17 May 2013

A recent central bank order allowing only jewelry exporters to use bank credit lines has hit gold imports, traders said Thursday. “Hardly any new bullion imports are coming through banks. Only consignments ordered before the new rule are coming through,” Suresh Hundia, former president of the Bombay Bullion Association and a bullion dealer, told The Wall Street Journal.
Until Monday, companies could place gold import orders with one of a few designated banks by paying a margin upfront and the rest on delivery………………………………………..Full Article: Source


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