Showing posts with label
RBI bans gold imports with bank credi.
Show all posts
Showing posts with label
RBI bans gold imports with bank credi.
Show all posts
- RBI banned import of gold by domestic consumers through bank credit and has made overseas purchase of the precious metal a cash and carry business.
- The move will nearly cripple retail jewellery trade who get credit to buy gold from abroad.
- More than 10% fo jewellery will be affected and will see gold demand drop to 10% yoy.
- India is biggest importer of Gold in the world and the rising Gold import has caused the CAD to increase drastically.
- Govt and RBI are trying frantically to bring down Gold import to reduce CAD and stop the rupee Falling
