India's cbank tightens banks' bullion trade norms

INDIA - The Reserve Bank of India (RBI) has tightened bullion trading norms for commercial banks after some of them faced potential losses from their exposure to a cooperative bank that specialises in gold trade.

"In the context of trading in bullion, they (banks authorised to import bullion) are advised to release gold only against full realization of value or proceeds of instrument," a directive released on its website http://www.rbi.org.in on Apr 14 said.

The instructions come after Classic

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