Indian banks halt gold and silver imports for five weeks
Updated
Updated · Bloomberg · May 6
Indian banks halt gold and silver imports for five weeks
11 articles · Updated · Bloomberg · May 6
Shipments have been stuck at customs since April 1, traders said, in an unusually long disruption in India, the world's second-biggest bullion market.
The stoppage has pushed up domestic prices and raised concerns over supply shortages as administrative bottlenecks and uncertainty over taxes delay clearances.
The halt coincides with the start of India's financial year, leaving bullion trade exposed to prolonged customs delays and unresolved tax treatment.
Was India's gold import halt a bureaucratic error or a calculated move to rescue its weakening currency?
With new restrictions on bullion imports, is India's massive jewellery market heading for a permanent supply crisis?