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India eases gold import regulations to curb smuggling, remove distortions

Changes are expected to improve jewellers' stocks, lower costs and help contain illegal trade

Gold imports in India, which accounted for 25 per cent of the total global demand, plunged last year when the government imposed curbs to narrow a record current account deficit and stop a slump in the rupee.

New Delhi

INDIA, the world's second-biggest user of gold, eased import regulations on the metal to remove distortions in shipments and curb smuggling.

Rules requiring importers to sell 20 per cent of their shipments to jewellers for re-export as jewellery were withdrawn effective...