India Shuts Down Gold Imports

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Posted Jul 23, 2013 by Martin Armstrong

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Indian banks are now required to set aside 20% of all imported gold for export purposes. Gold is now to be held in bonded warehouses and banks may only import additional gold after they have exported at least 75% of those reserves. We reported previously that the current account deficit in India has been driven by the importation of gold.

http://www.mining.com/india-takes-steps-to-curb-gold-demand-59799/?utm_source=digest-en-mining-130722&utm_medium=email&utm_campaign=digest