India Tightens Gold-Import Rules to Curb Trade Irregularities
- India restricts imports by four- and five-star export firms
- Move comes as traders try to circumvent paying import tax
Gold chains and necklaces sit on display inside a store in the Zaveri Bazaar area of Mumbai, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India moved to curb gold-trade irregularities by preventing some trading houses from importing the metal following a surge in shipments in recent months.
The second-biggest consumer won’t issue or renew authorization to firms nominated by the Reserve Bank of India that fall under the so-called four- and five-star categories, the trade ministry said in a notice on its website. Those companies that already have permits can import gold to be used in manufacturing and then for export during the remaining license period, it said.