Dealer RSBL's gold import license reinstated after suspension

SINGAPORE (Reuters) - India's largest gold dealer Riddisiddhi Bullions Ltd (RSBL) had its gold import license reinstated by court order on Monday after it was briefly suspended on Friday, a company official said.

Its license was suspended on Friday by the Director General of Foreign Trade due to concerns it had violated the so-called 80:20 rule, the company's director Prithviraj Kothari said.

The rule stipulates that a fifth of all bullion imports must be re-exported.

In an effort to trim a gaping current account deficit India implemented measures last year to curb demand for gold, its second-biggest import after oil.

"The suspension was on Friday and the High Court quashed the suspension order on Monday with some strictures," said Kothari.

There were concerns about one of RSBL's consignment which was shipped before the 80:20 rule came into effect but there had been no complaints about subsequent consignments, he said.

(Reporting by A. AnanthaLakshmi; Writing by Meenakshi Sharma; editing by Susan Thomas)