Banks seek clarity in gold import policy, halt shipments

The banks nominated by the Union government for importing gold have stopped shipments as they sought clarity in the import policy after the withdrawal of the 80:20 scheme.

"A few bankers have approached the Reserve Bank of India seeking clarity on new policy after 80:20 scheme was withdrawn last month," a bank official said.

Some banks also wanted to know if gold could be imported on a consignment basis, it is learnt.

Source : eximin.net