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Amendment in gold import rules

The RBI has revised the gold import rules enabling seven more private agencies to import the precious metal. This will lead to increase in gold imports immediately, said market experts. This would also help global prices, which slumped 28% last year, partly due to India’s import curbs. India had in 2013 imposed a record high duty of 10% on overseas purchases of gold, the second-biggest item in its import bill, and introduced a rule tying import quantities to export levels. The new amendment to the rule allows certain private jewellery exporters which had been barred from importing gold since July 2013, to resume imports, with immediate effect. More than 20 entities, including state-run banks, private banks and agencies will now be allowed to import the metal.

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