India to Tighten Gold Trade Rules as Middle East War Hurts (1)

India has further tightened rules for importing gold into the country, as Prime Minister Narendra Modi steps up efforts to defend the rupee amid the Middle East war.

Bullion imports of a maximum limit of 100 kilograms (220 pounds) will be subject to advance authorization, a government notification said, adding that subsequent imports would be issued only after 50% is exported. Earlier, jewelery exporters were allowed to import an unlimited quantity of gold.

The changes only apply to gold imported under the tax-exempt status, which allows jewelers and manufacturers to import metal duty free, so long as it is intended ...