Reliance Capital first company to suspend gold sales

June 21, 2013 12:02

Amid growing concerns over huge gold imports hurting the country's economic strength, financial services major Reliance Capital today became the first company to suspend gold sales across all its businesses.

The decision includes suspension of sale of gold coins and other physical forms of the yellow metal, as also as an investment product across all its businesses and subsidiaries, Reliance Capital said in a statement.

Part of Anil Ambani-led Reliance Group, the company said the decision has been taken in view of the government's "publicly stated objective of minimising gold imports that are seriously hurting the country's economic interests".

According to industry watchers, more companies are expected to follow suit with similar measures, as rising gold imports continue to burden the country's current account deficit.

The government has been consistently asking for measures to curb flow of household savings into idle assets like gold and channelise these funds towards financial market assets.

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