India scraps 20% export rule for gold imports: TV channels

[MUMBAI] India has decided to scrap the rule that required trading companies to export 20 per cent of gold imported, known as 80:20 scheme, local television channels reported on Friday, citing unnamed government sources.

The curb was imposed last year to bring down gold imports which had pushed India's current account deficit to a record high in the fiscal year ended March 2013.

A finance ministry spokesman told Reuters he had no information on the matter.

REUTERS