Central bank (RBI) likely to impose curbs on gold coin sale

theiain1 · Jun 28, 2012

http://business-standard.com/india/news/central-bank-likely-to-impose-curbsgold-coin-sale/478620/

The Reserve Bank of India (RBI) is likely to clamp down on gold coin sales by banks, amid rising bullion imports adding pressure to the current account deficit and weakening the rupee.
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The rupee has depreciated 30 per cent since August amid the sovereign debt crisis in the euro zone, which made investors flee to safer havens. Weakening macroeconomic fundamentals like the fiscal and the current account deficit have resulted in investors pulling out from the Indian market.
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In its recent interactions with bankers, the central bank sounded its discomfort over the practice of banks pushing gold coin sales and asked them to go slow.
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RBI Governor D Subbarao had earlier said the central bank was looking into the issue of rising gold imports and formed a committee headed by an executive director-rank officer to examine the reasons.
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A committee? Really? Why wouldn't the people of India be buying Gold at a record clip when the value of their rupee has fallen 30 percent since August?

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Central bank (RBI) likely to impose curbs on gold coin sale

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Central bank (RBI) likely to impose curbs on gold coin sale

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