The Phaserl


Huh?? ‘Drastic FALL in Indian gold demand’ prompts coin sales despite restrictions

by Shivom Seth,

A tug of war appears to have broken out in India over the sale of gold coins during Diwali, the festival of lights. Even as jewellers have decided to lift the self imposed ban and sell gold coins during Diwali, with some continuing even this week, India’s Finance Ministry is adamant, and has dug its heels in about not lifting the ban on the import of gold coins and medallions.

Despite the Reserve Bank of India’s (RBI) directions, retailers have been selling gold coins to customers in the city. Jewellers in the bylanes of Mumbai are selling coins weighing between 5 grams and 8 grams, while some in Delhi, Jaipur and Rajasthan are selling gold bars of 1 kilogram each.

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