Mumbai: India's customs department has cleared more than a ton of gold, part of which was owned by Bank of Nova Scotia (BNS.TO), the biggest gold importing bank, at Mumbai airport after rule clarifications at a high-level meeting held last month, industry and bank officials said on Saturday.
Gold imports into India, the world's biggest buyer of the metal, had virtually stopped after a July 22 circular which tied domestic consumption to exports.
"More than one tonne of gold was stuck at Mumbai airport and everything has been released. People have taken delivery of gold and the festival season has started with a good news for exporters," Pankaj Kumar Parekh, vice chairman of the Gems and Jewellery Export Promotion Council told Reuters.
The resumption of imports after a two month gap is positive for exporters like Rajesh Exports (REXP.NS) and Shree Ganesh Jewellery (SHRG.NS) ahead of the peak Christmas season.
05/10/13 Siddesh Mayenkar/Reuters
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Gold imports into India, the world's biggest buyer of the metal, had virtually stopped after a July 22 circular which tied domestic consumption to exports.
"More than one tonne of gold was stuck at Mumbai airport and everything has been released. People have taken delivery of gold and the festival season has started with a good news for exporters," Pankaj Kumar Parekh, vice chairman of the Gems and Jewellery Export Promotion Council told Reuters.
The resumption of imports after a two month gap is positive for exporters like Rajesh Exports (REXP.NS) and Shree Ganesh Jewellery (SHRG.NS) ahead of the peak Christmas season.
05/10/13 Siddesh Mayenkar/Reuters
