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India Reserve Bank Mulls Gold Coin Sales Ban for Banks
Jun. 27, 2012 09:25AM PST
Precious Metals Investing
Mineweb reported that the Reserve Bank of India may try to slow gold imports by banning banks from selling gold coins.
Mineweb reported that the Reserve Bank of India may try to slow gold imports by banning banks from selling gold coins.
As quoted in the market news:
The move, if implemented, could deal a major blow to banks that are estimated to make a clear profit of $26 million (Rs 1.5 billion) given the 3% margin from the sales of gold coins. Some 36 banks have been nominated by the apex bank to import gold into the country.
