The Indian government has issued a notification on gold and silver imports, after confusion over policy had held up the precious metals at customs, just days before a Hindu festival when buying bullion is considered auspicious.
The government listed banks that are authorized to bring in bullion in the release on Friday. The notice resolved the import problems, according to Surendra Mehta, national secretary at the India Bullion and Jewellers Association.
Gold buying in India is closely tied to religious festivals and weddings. Festivals such as Akshaya Tritiya, which falls on April 19 this year, drive spikes in demand as households buy gold jewelry, coins and bars for cultural and investment purposes. However, consumption in India has softened in recent months as high prices deter consumers.
The situation does not seem to have been intentional “or any outright bullion ban, but a temporary glitch and administrative delays,” said Madhavi Arora, economist at Emkay Global Financial Services Ltd.
This report is autogenerated from Bloomberg news service. ThePrint holds no responsibility for its content.