May 12
Exclusive: Indian banks resume bullion imports after month-long halt over 3% levy, sources say
Indian banks have resumed gold and silver imports after a hiatus that stretched for more than a month by agreeing to pay a 3% customs levy that earlier prompted lenders to halt shipments, trade and government sources told Reuters.
➤ Indian banks have resumed gold and silver imports after a month-long halt, agreeing to pay a 3% customs levy (IGST). ➤ This resumption is expected to increase imports, widen the trade deficit, and put further pressure on the Indian Rupee. ➤ The government's stance signals a desire to curb gold imports, potentially impacting global prices and local jeweller inventories.