Gold importers await uncleared stocks at customs

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SummaryGold importers in India are hoping their old stocks lying at airports would get customs clearance by Tuesday, following a meeting with government officials last week, before they ship more for exporters ahead of the Christmas season.

Gold importers in India are hoping their old stocks lying at airports would get customs clearance by Tuesday, following a meeting with government officials last week, before they ship more for exporters ahead of the Christmas season. Gold shipments into India came to a virtual halt after the RBI told impo-rters on July 22 that a fifth of their purchases would have to be turned around for export and 80% would be available for dome-stic use. The rule had created confusion among most government agencies over its implementation and as a result about a tonne of gold meant for exporters was stuck at the airports, prompting a meeting of officials from the commerce and finance ministries, importing banks and the Gems and Jewellery Export Promotion Council. “We have approached Bombay customs to get our old shipments cleared. Hopefully they should get cleared by today or tomorrow," said an official from a private importing bank.

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