Rewind to the year 2013 — the last year of the UPA-II government. With the economy in shambles and a worsening fiscal deficit, the government announced several measures to curb gold imports. That July, the RBI banned gold leasing. Banks and nominated agencies were free to import gold, but they could pass it on to jewellers only against full payment (and not on lease, like earlier). That escalated the jewellers’ working capital requirements. A month later, in August, the government delivered another blow. It imposed the 80:20 import rule — up to 80% of gold imported could be sold in the country on the condition that 20% was exported.