SINGAPORE (Reuters) - India's largest gold dealer Riddisiddhi Bullions Ltd (RSBL) had its gold import license reinstated by court order on Monday after it was briefly suspended on Friday, a company official said.
Its license was suspended on Friday by the Director General of Foreign Trade due to concerns it had violated the so-called 80:20 rule, the company's director Prithviraj Kothari said.
The rule stipulates that a fifth of all bullion imports must be re-exported.
In an effort to trim a gaping current account deficit India implemented measures last year to curb demand for gold, its second-biggest import after oil.
"The suspension was on Friday and the High Court quashed the suspension order on Monday with some strictures," said Kothari.
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There were concerns about one of RSBL's consignment which was shipped before the 80:20 rule came into effect but there had been no complaints about subsequent consignments, he said.
(Reporting by A. AnanthaLakshmi; Writing by Meenakshi Sharma; editing by Susan Thomas)
