Reserve Bank of India Launches Plan Aimed at Slashing Gold Imports

Finance and Trade
25/10/2015 13:36

India's central bank has announced a set of guidelines governing the Gold Monetisation Scheme (GMS) which is expected to be formally launched by the Prime Minister on November and targets the reduction in the country's annual approximate 900 tonnes of yellow metal imports, according to the Gem & Jewellery Export Promotion Council (GJEPC). The government aims to make some of the country’s gold inventory, estimated at more than 20,000 tonnes, held by individuals, trusts or mutual funds available for sale. Large-scale imports of gold were behind India's soaring current account deficit two years ago.