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India tightens its grip on the country’s gold trade – bans credit card purchases of gold on an instalment basis

India tightens its grip on the country’s gold trade – bans credit card purchases of gold on an instalment basis

News
Eamonn Sheridan
07/07/2013 | 00:57 GMT

The Reserve Bank of India have introduced new regulations banning credit card purchases of gold on an instalment basis

Over the past year the bank has

  • hiked the import tax from 2% to 8%
  • banned traders from importing gold on margin

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