This is a good time for the Finance Ministry and the Sebi to lay a roadmap to phase out PNs, which right now appears to be serving tax evaders and shady promoters better than foreign investors looking to make a quick buck in India
According to the latest RBI guidelines, banks and nominated agencies should retain 20 percent of every lot of gold import in customs bonded warehouses and more gold can be imported only if they export 75 percent of the stored gold.
The latest RBI moves mandate banks and nominted agencies to retain 20 percent (or one fifth) of every lot of gold imports in the customs bonded warehouses. They will be able to import further gold only if they export 75 percent of that stored gold.
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