Finance Ministry probes banks on gold metal loans, signaling fresh import curbs
Centre has sought detailed data from bullion-importing banks on gold metal loans since 2023, hinting at tighter controls. India imported 721 tonnes ($71.9bn) in FY24, up 24%. Industry is pitching dore-refined bars, exports and cash-purchase limits to cushion jewellers from a duty squeeze.
What happened
Ministry of Finance · Finance Ministry has asked bullion-importing banks for detailed data on gold metal loans since 2023, signaling possible new curbs on gold
Key facts
- 721 tonnes
- $71.9 billion
- 24%
- 15% import duty
Why this matters
Tighter bullion controls could accelerate vertical integration plays into dore refining and create acquisition windows among smaller jewellers caught short on financing alternatives.