Finance Ministry probes banks on gold metal loans, signaling fresh import curbs
Centre has sought detailed data from bullion-importing banks on gold metal loans since 2023, hinting at tighter controls. India imported 721 tonnes ($71.9bn) in FY24, up 24%. Industry is pitching dore-refined bars, exports and cash-purchase limits to cushion jewellers from a duty squeeze.
Finance Ministry has asked bullion-importing banks for detailed data on gold metal loans since 2023, signaling possible new curbs on gold imports. Industry proposes using dore-refined bars, gold exports, and cash purchase restrictions to ease jewellery sector import pressure.