India scraps 20 pct export rule for gold imports - TV channels

MUMBAI (Reuters) - India has decided to scrap the rule that required trading companies to export 20 percent of gold imported, known as 80:20 scheme, local television channels reported on Friday, citing unnamed government sources.

The 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.

A finance ministry spokesman told Reuters he had no information on the matter.

(Reporting by Devidutta Tripathy, Suvashree Dey Chaudhury and Manoj Kumar; Editing by Sumeet Chatterjee)