Bul­lion im­port rules re­viewed

The Star Early Edition - - INTERNATIONAL -

IN­DIA, the world’s big­gest gold user after China, was set to re­view bul­lion im­port rules after pur­chases in Oc­to­ber jumped to the high­est level this fi­nan­cial year, peo­ple with knowl­edge of the mat­ter said. Fi­nance Sec­re­tary Ra­jiv Mehrishi and other of­fi­cials from the gov­ern­ment and the Re­serve Bank of In­dia were due to meet later yes­ter­day to dis­cuss the pol­icy, the peo­ple said, ask­ing not to be iden­ti­fied as the in­for­ma­tion is not pub­lic. DS Ma­lik, the Fi­nance Min­istry spokesman, was not avail­able for com­ment yes­ter­day. Im­ports in Oc­to­ber jumped to about 150 tons, the high­est since the be­gin­ning of the fi­nan­cial year on April 1, from 24.5 tons a year ear­lier, the peo­ple said. Over­seas pur­chases in the seven months through Oc­to­ber surged 44 per­cent to about 640 tons from 444 tons a year ear­lier, they said. – Bloomberg

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