India weighs gold-buying plan

08/29/2013 | Reuters

The Indian government may soon launch an initiative to support the beleaguered rupee and narrow the current-account gap by having commercial banks buy gold from consumers and divert it to precious-metal refiners, an official source said. "We will start a pilot project among some banks where we will allow them to buy back gold from individual households. This will start soon, we have discussed [it] with banks," the source said.

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