“In a late evening development, the Reserve Bank of India has once again tightened gold imports in the country mandating that 20%, or one fifth, of every lot of imported gold has to be used for the purpose of export. Exporters will henceforth be required to retain 20% of the imported quantity in the customs bonded warehouses, and would be permitted to undertake fresh imports of gold only after the exports have taken place to the extent of at least 75% of the gold remaining in the customs bonded warehouse. Any import of gold into the country would henceforth  have to follow the 20/80 principle set out by the apex bank.”

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=198425&sn=Detail

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