Indian banks pause gold and silver imports amid GST confusion
Business
Banks haven't brought in any gold or silver since April 1, thanks to paperwork delays and confusion over tax rules.
With shipments stuck at customs and no green light for banks to import, the country's massive bullion market is feeling the pinch.
Everyone's waiting for clarity on GST exemptions before things can get moving again.
Jewelers hit by over $20 premium
Jewelers are having a tough time restocking after Akshaya Tritiya.
Domestic gold prices have shot up: now more than $20 per ounce above global rates, the highest jump since early February.
Some traders are trying alternatives like the India International Bullion Exchange (IIBX), but it's slower and pricier, even though it might give India's trade balance a tiny boost in April.