The cash crisis forced Gall and Cooke to rely on purchase-order financing--in essence, factoring receivables before they are even receivable.

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It still has to talk with lenders about financing the purchase but said it was confident of getting the cash.

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The authorities have taken a number of steps to restrain the demand for the metal, including the federal government raising the import duty on gold and the RBI forbidding banks and non-bank financial companies from financing the purchase of gold in any form.

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