Gold import has almost stopped, with the confusion for a month in the Reserve Bank of India guidelines. Industry sources say gold is scarcely available, even at high premiums, as nominated agencies and star trading houses have stopped its import after the ambiguity.
RBI issued one formula on July 22, followed by a clarification on August 14. RBI first restricted gold imports through letters of credit, asking importers to pay the entire money upfront. This was later revised to 20 per cent mandatory supply to jewellery exporters. Also, until the proof of 20 per cent exports is given, gold is not to be made available to jewellery manufacturers, RBI said.
http://www.business-standard.com/article/markets/gold-shortage-threat-to-cancellation-of-jewellery-export-orders-113082600853_1.html
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