MUMBAI: Reliance Capital Ltd, the financial services company owned by Indian billionaire Anil Ambani, has stopped sales of gold as the world's biggest consumer of the metal tightens import rules to curb demand that's contributed to a record current-account deficit.
Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/anilgold/Article/index_html
Published: Jun 23, 2013
Reliance will suspend sale of gold in physical form as well as an investment product, the company said. It has also stopped gold loans facility and halted new subscriptions in its gold savings fund.
India, grappling with a record current-account deficit, partly due to a surge in gold imports, has tightened import and financing norms in a bid to cut purchases.
Finance Minister Palaniappan Chidambaram appealed to Indians to "resist the temptation to buy gold", saying reduced imports may help tackle the current-account gap and the weakness in the rupee.
"Investment demand has come off a bit," Gnanasekar Thiagarajan, a director at Commtrendz Risk Management Services Pvt, said. Bloomberg
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