.........“The problem has been compounded because Customs authorities want us to meet the stipulation for each consignment,” said Arora. The RBI notification said that fresh imports would be allowed only after an importer re-exports 20 per cent of the shipments brought into the country earlier. Banks also have to keep the gold meant for re-export in separate Customs bonded warehouses. “It takes between 60 and 90 days for exports to take place. Until then, you can’t bring gold into the country,” said Kothari. Currently, only gold that is meant to be re-exported is finding its way through the ports..............
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