I once again appeal to everyone to resist the temptation to buy gold. This will show a positive impact on every aspect of the Indian economy - Finance Minister Palaniappan Chidambaram pleaded on June 13, the second time in two weeks.
Last week, he had made a similar plea, asking banks to advise clients not to invest in gold. He followed it up by asking public sector banks not to sell gold coins.
The finance minister isn't the only one.
The Reserve Bank of India (RBI) has also come down hard on gold imports.
Recently, it issued a diktat that banks could issue letters of credit to import only on a 100 per cent-cash-margin basis.
Also, premier gold trading houses would only be able to import on a consignment basis to meet genuine demands of jewellery exporters.
Text: Business Standard
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