For the authorized agencies, India has made gold import norms more stringent. Now the agencies can import the precious metal only for exporting and not for domestic selling. By announcing this change in importing norms, the government on Wednesday issued a circular.
As per the circular, it stated that the certified gold importers “…are able to import gold as input only for the purpose of produce and trade by themselves during the staying credibility period of the Selected Agency certification.”
Because some selected organizations were taking unnecessary benefits of India’s free business contract with few countries and getting the gold into the nation without any import duty, so the government was forced to take this measure, said by the analysts.
Preceded by China, the second largest consumer of gold in the world is China. In 2017 on an average every month India imported 75 tonnes of the yellow metal before falling down to 48 tonnes in September.