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Banks will soon start to buy Gold from public
Posted on: 30/Aug/2013 5:26:12 PM
Reserve bank of India is soon to introduce new scheme through which the banks can buy gold from public. The rupee depreciation and the increase in current account deficit are the important reasons for rolling out this scheme.
The deficit is due to the excess import of gold; next to crude oil, gold is imported in large amounts. Gold is used extensively in India than any other country in the world. The government has taken all the steps to reduce the import of gold, also it has increased import tax but that didn’t help.
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