Signs of a turnaround as no 3 India gold fund reopens

Excise duties now stand at 9% while new rules such as strictly cash only for imports and transaction taxes among other punitive measures have stymied India's gold industry.

Some of the anti-bullion measures are now being lifted.

The $300 million Reliance Gold Savings Fund, India's third largest gold-backed investment fund, will now accept fresh investments again after a 12-week hiatus.

The fund suspended sales in support of the Indian finance ministry's efforts at the beginning of August.

Part of billionaire Anil Ambani's Reliance Capital empire, the fund cited a stronger rupee and a better economic picture as reasons behind the reopening.

Read More: www.mining.com/signs-of-a-turnaround-as-no-3-india-gold-fund-reopens-80063/