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Central Bank of India prevents the sale of gold coins
After the rise of the tax on imports of gold and silver from 6% to 8%, the Central Bank of India has warned banks that do not sell coins minted in gold to retail customers. This action of the Monetary Authority has been known thanks to the statements of the Indian Finance Minister P. Chidambaram: “I believe that the National Reserve Bank has warned banks that they should not sell gold coins,” said Chidambaram at a ceremony in Bombay. It has also urged banks that advice to clients to not invest in gold.
Central Bank of India prevents the sale of gold coins
These statements show the concern that governs the action of the Ministry of finance. The worsening of the current account deficit has been the straw that has filled the glass, since this bad data has been caused by the dramatic increase in imports of gold. The obsession of the Government is therefore by all means to cool the market of gold with coercive measures.
According to the World Gold Council, India is the largest global buyer of gold. In the month of may, gold imports amounted to 162 tons, more than double the monthly average recorded in the year 2011, which was the record until now.
The rise of taxes on imports, from 6% to 8%, has effects that still we can not analyze in full and with some perspective. We will have to wait several weeks to see if gold imports will slow down or, simply, the benefit of buying gold is still greater than the cost. It is hard to believe the market to cool down while the demand for physical gold continues to grow exponentially in Asian countries.
Source: Reuters
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