Reuters: Regulatory News: Indian customs clear remaining gold at major airport-officials

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Indian customs clear remaining gold at major airport-officials Oct 5th 2013, 11:35 MUMBAI | Sat Oct 5, 2013 7:35am EDT MUMBAI Oct 5 (Reuters) - India's customs department has cleared more than a tonne of gold, part of which was owned by Bank of Nova Scotia, the biggest gold importing bank, at Mumbai airport after clarifications at a high-level meeting held last month, industry and bank officials said on Saturday. Gold imports into India, the world's biggest buyer of the metal, had virtually stopped after a July 22 circular, which tied domestic consumption with exports, creating confusion within government departments. "More than one tonne of gold was stuck at Mumbai airport and everything has been released. People have taken delivery of gold and the festival season has started with a good news for exporters," said Pankaj Kumar Parekh, vice chairman of the Gems and Jewellery Export Promotion Council.

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