In order to increase exports, the Reserve Bank of India (RBI) on May 21 eased restrictions on gold imports, allowing selected trading houses, besides banks, to purchase precious metals.
Corresponding changes in the normative documents took effect immediately.
"The leading trading houses / premier trading houses, registered in the competent bodies as agencies elected by the Directorate of the General Directorate for Foreign Trade (DGFT), can import gold on the scheme 20:80" in the RBI notice.
Under Scheme 20:80, the importer is obliged to ensure the export of at least 20% of imported gold and leave the other part for domestic consumption. It is reported that authorized leading trading houses will have to comply with some additional conditions.