MMTC sees gold imports at 50-tonnes mark this fiscal

State-owned trading firm MMTC is optimistic that its gold imports are expected to reach about 50 tonnes this fiscal on the back of relaxation in gold policy by the government.
Last fiscal year, the company imported about 30 tonnes.
"Because of restrictions on gold imports, our imports were down. But after relaxation in the policy, we expect that the gold imports would reach about 50 tonnes this fiscal year," MMTC CMD Ved Prakash told reporters here.
He also said silver imports would reach about 200 tonnes in 2015-16 compared with 150 tonnes last year.
Gold shipments have been steadily rising after the Reserve Bank in November scrapped the 80:20 rule, under which it was mandatory for traders to export 20 per cent of the import.

The RBI has been loosening import curbs on gold since November.
Also, on February 18, the central bank lifted ban on import of gold coins and medallions and allowed banks to lend gold on loan to jewellers.
India, the world's largest consumer of gold, imports some 800-900 tonnes of gold annually.