MUMBAI (Reuters) - The RBI said it would consider imposing value and quantity restrictions on gold imports by banks, which account for 60 percent of India's imports of the yellow metal, under extreme conditions, as the world's biggest consumer of gold battles a record high current account deficit.
The Reserve Bank of India said on Wednesday it would also consider introducing gold-linked financial instruments to divert savings of inflation-wary Indians from gold bars and coins into bonds.
The central bank will also consider setting up a gold bank to monetise about 20,000 tonnes of idle stocks lying in vaults, it said in a report on issues related to gold imports in India.
(Reporting by Suvashree DeyChoudhury and Siddesh Mayenkar; Editing by Tony Munroe)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app