MUMBAI (Reuters) - The government has decided to withdraw the rule that mandated trading companies to export 20 percent of the gold imported, the Reserve Bank of India (RBI) said in a statement on Friday.
The import curb was imposed last year to bring down gold imports, which had pushed India's current account deficit to a record high in the fiscal year ended March 2013.
"It has been decided by the Government of India to withdraw the 20:80 scheme and restrictions placed on import of gold," the Reserve Bank of India said, without giving a reason for the change in the rule.
(Reporting by Neha Dasgupta, Devidutta Tripathy and Suvashree Dey Chaudhury; Editing by Sumeet Chatterjee)
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