The Reserve Bank of India said 20% of imports must be used for overseas sales, thus guaranteeing supplies for exporters
importers need to retain 20 percent of the gold they import in customs-bonded warehouses, and will only be able to buy in more after exports equivalent to 75 percent of the retained amount have been shipped
Also, some relief for domestic gold sellers in India:
Last month, the RBI had ruled out any credit transactions for imports unless they were intended to make jewellery for export, as it looks to rein in a record current account deficit… But on Monday, it said in its statement that “the extant instructions, as regards import of gold on consignment basis … stand withdrawn.”
