Reliance Capital Initiate Steps to Help Curbing Gold Imports in India

Reliance Capital demonstrates proactively approach to suspend Gold related Fund, Loan and Financing to curb Gold Import. According to CNBC TV18 exclusive report, Reliance capital suspended subscription to Reliance Capital Gold Saving Fund. The current AUM of Reliance Capital Gold Saving Fund is INR 2271. Company also decided to suspend physical gold sales to investor. In the midst of growing concern of Indian Current account deficit and Balance of Payment; Reliance Capital initiative must be applauded and should be followed by other companies importing gold unabatedly. In May Import and Export Data, Gold import contributes around 17% of total import. The Gold Import in May valued at $8.3Bn contributing 40% in growing Trade deficit. I believe that under Corporate Social Responsibility, Gold Importing Companies may consider taking Reliance Capital path not only to help country but to extend help to Indian Citizen experiencing indirect impact of gold import.

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