“Last week gold was boosted by news that the Reserve Bank of India is relaxing the much-maligned 80-20 import-export measure.  Hopes that the measure could be fully phased out by October, ahead of the Diwali festival in October and the crucial gold-buying wedding season, has already seen the rupee price of gold drop to nine-month lows.  Last month Rajesh Khosla, managing director of the country’s biggest refiner which is expanding capacity to 200 tonnes of gold per year, predicted the relaxation of the 80-20 rule, but added that ‘while the form of restrictions may change, the government will continue to restrain buying.'”

http://www.mining.com/india-easing-gold-import-restrictions-curb-your-enthusiasm-10980/

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