Akshya Tritiya falls on 2 may 2014
I had been collecting a token 5 or 10 gm coins from nationalised banks every year in last few years
this year I was in for a surprise
All banks have stopped the sale of gold coins
Due to high current account deficit , gold imports were down to a small
amount ' . there is also an import duty of 10 percent on gold and 15percent
on gold ornaments
imports have been reduced by 200 tonnes in last year. it is said smuggling
contributed to only 1 to 3 percent of this figure and very little gold has
come in thru this route .It is said that only minor relaxations are possible
and restrictions on imports may have to say
traditionally south indians have always parking their savings in gold .
will all these restrictions lead to loss of interest in yellow metal
your views please
I had been collecting a token 5 or 10 gm coins from nationalised banks every year in last few years
this year I was in for a surprise
All banks have stopped the sale of gold coins
Due to high current account deficit , gold imports were down to a small
amount ' . there is also an import duty of 10 percent on gold and 15percent
on gold ornaments
imports have been reduced by 200 tonnes in last year. it is said smuggling
contributed to only 1 to 3 percent of this figure and very little gold has
come in thru this route .It is said that only minor relaxations are possible
and restrictions on imports may have to say
traditionally south indians have always parking their savings in gold .
will all these restrictions lead to loss of interest in yellow metal
your views please