Surprise! RBI eases gold import curbs

Easing restrictions on gold imports, the Reserve Bank today scrapped the controversial 80:20 scheme, a move which the industry believes will bring down prices of the precious metal. Under the 80:20 norm, put in place in August 2013 to curb high gold inflows that was widening the current account deficit, at least 20 per cent of the imported gold had to be mandatorily exported before bringing in new lots.