Mumbai, Oct. 5 (Reuters): The customs department has cleared more than a tonne of gold at Mumbai airport after clarifications at a high-level meeting held last month, industry and bank officials said today.
Part of the gold was owned by Bank of Nova Scotia, the biggest gold importing bank.
Gold imports into India, the world’s biggest buyer of the metal, had virtually stopped after a July 22 circular, which tied domestic consumption with exports. The circular had created confusion within government departments.
“More than one tonne of gold was stuck at Mumbai airport and everything has been released,” said Pankaj Kumar Parekh, the vice-chairperson of the Gems and Jewellery Export Promotion Council.
“People have taken delivery of gold and the festival season has started with good news for exporters,” he added.