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14.05.26 - 22:12
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India Panics, Further Tightens Gold Flows As Rupee Collapses (ZeroHedge)
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India Panics, Further Tightens Gold Flows As Rupee Collapses
Well, that escalated quickly...
With the Rupee accelerating its declines to ever lower record lows against the dollar, Indian authorities have stepped up capital controls, focusing on curbing demand in the gold 'exit' route.
4 days ago, there were no signs of import duty hikes as Prime Minister Narendra Modi issued a rare weekend appeal urging citizens to forgo gold purchases as well as unnecessary foreign travel in order to help hold up the currency..
2 days ago, tariffs were more than doubled on gold and silver imports to 15% and 6% respectively.
And today, they are doing even more with India now tightening the advance authorisation route, effectively capping how much gold individual exporters can bring in through that channel.
A government notification stated that imports of bullion exceeding 100 kilograms would be subject to prior authorization, adding that any subsequent imports would only be granted after exports equival...
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