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In surprise move, India drops gold import obstruction
By Suvashree Choudhury and Meenakshi Sharma
Reuters
Friday, November 28, 2014
MUMBAI, India -- India has scrapped a rule mandating traders to export 20 percent of all gold imported into the country, in a surprise move that could cut smuggling and raise legal shipments into the world's second-biggest consumer of the metal after China.
Along with a record duty of 10 percent, India introduced the so-called 80:20 import rule tying imports to exports of jewellery last year to bring down inbound shipments and narrow the current account deficit that had hit a record.
"It has been decided by the Government of India to withdraw the 20:80 scheme and restrictions placed on import of gold," the Reserve Bank of India said today, without giving a reason for the change in the rule. ...
... For the remainder of the report:
http://www.reuters.com/article/2014/11/28/india-gold-imports-idUSL3N0TI3...
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