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Friday, 28th November 2008 (2175 views)

The Indian government is believed to be planning to ease raw gold import regulations in order to allow more firms to import the metal into the country.

According to the Indian Financial Express, a larger number of organisations may receive approval to import gold in order to meet demand for jewellery.

A proposal has been submitted by the commerce ministry and the finance ministry is preparing to discuss the issue with the Reserve Bank of India before the government makes a decision.

Under current rules, around 30 nominated banks and agencies are entitled to import gold into India and some supplies enter the country through non-resident Indian special import licences.

A decision to ease current gold import norms in India could provide a substantial boost to the country's jewellery export market.

India imports an estimated 500 tonnes of gold a year.

 

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