By Siddesh Mayenkar
Reuters
Tuesday, June 25, 2013
http://www.reuters.com/article/2013/06/27/ind...dUSL3N0F12I0...
MUMBAI -- India's central bank told rural regional banks on Tuesday they could no longer provide loans against gold jewellery and coins weighing over 50 grams -- the latest move to discourage gold buying as the government seeks to reduce a record current account deficit.
Gold imports into India, the world's biggest gold buyer, hit a record 162 tonnes in May as global prices tumbled and buyers stocked up. Rural communities are particularly hungry for gold as an investment, given a lack of banking facilities outside towns.
... For the full story, please visit:
http://www.reuters.com/article/2013/06/27/...dUSL3N0F12I0...
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