India which happens to be the world's biggest gold-buying nation, has sharply blown fresh check on imports of the precious metal in a bid to check a record present account deficit. Furthermore, the Reserve Bank of India (RBI) announced late on Monday at least one-fifth of every shipment of gold imported must be set aside for jewellery and other sales overseas. Near about 16 percent of India's total merchandise exports are made up of jewellery and gems. The bank said an authorised gold importers such as banks along with gold trading agencies must safeguard at least 20 percent of every lot of imported gold is exclusively made available for the purpose of export.

(AW:Samrat Biswas)