The RBI on 12 May 2013 imposed restrictions on gold import by banks in order to moderate the demand of gold for domestic use. The RBI decided to restrict the import of gold on consignment basis by banks, only to meet the genuine needs of exporters of gold jewellery.
The RBI stated that the decision is based on the recommendations of the Working Group on Gold that had suggested aligning gold import regulations with the rest of the imports for creating a level playing field between gold imports and other imports. The restrictions have come into effect immediately.
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