Indian Banks Resume Bullion Imports After One Month Halt
Indian lenders have resumed bullion shipments after a month-long hiatus by agreeing to pay a 3% integrated goods and services tax. The move follows a period of restricted supply that saw April gold imports drop to near 30-year lows while the government seeks to curb demand to protect the rupee.
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Banks in India resumed importing gold and silver after a month-long halt by agreeing to pay a 3% customs levy. The move ends a standoff with customs authorities that began April 1 and had pushed April imports to a near 30-year low of 15 metric tons. For investors, the resumption signals a potential rise in the trade deficit and renewed pressure on the rupee.
