Press Esc to close
Wednesday 26 November 2014
News updated at 3:42 AM IST
Weather
Max: 29.1°C
Min : 17°C
In Bengaluru
Sunny day

Sharma for easing gold import norms to check smuggling

New Delhi, Dec 24 (PTI)
Union Minister for Commerce & Industry, Anand Sharma. PTI photo

Advocating relaxation of gold import norms to check smuggling, Commerce and Industry Minister Anand Sharma said the government will take action at an appropriate time.

"There is a mechanism to periodically review it (gold import norms). We will take an appropriate view as and when required," Sharma told PTI.

In order to check rising Current Account Deficit (CAD), the government has raised import duties and the RBI had imposed curbs on import of the yellow metal and also laid down various pre-conditions for inward shipments of the precious metal.


"We need a balanced approach. We are allowing gold imports for the industry usage. I don't think they can be drastically brought down...that is why, I have always favoured a balance, so that we do not run the risk of illicit trade i.e. smuggling of gold," Sharma said.

The government, he said, needs to ensure that the genuine demands are met and at the same time import is curbed to save foreign exchange.

Gems and jewellery exporters, which accounts for about 15 per cent of the country's total shipments, raised concerns over the restrictions on the imports of the yellow metal and demanded easing of the norms.

Commerce Secretary S R Rao has also asked Economic Affairs Secretary Arvind Mayaram to consider easing the curbs to push exports.

In the April-October period, gems and jewellery exports stood at USD 24 billion.

Yesterday, in an interview to a television channel, Reserve Bank of India Governor Raghuram Rajan too said that gold smuggling into India will rise if the import curbs continue for too long.

Go to Top

Photo Gallery
It is business as usual in Leopold Cafe on the eve of the anniversary ...

It is business as usual in Leopold Cafe on the eve of the anniversary ...

England's captain Alastair Cook (R) talks with his teammate Ravi Bopara...

England's captain Alastair Cook (R) talks with his teammate Ravi Bopara...

Models pose with a car during the inauguration of the Lamborghini showroom...

Models pose with a car during the inauguration of the Lamborghini showroom...

Women from the Delhi police force, undergo martial arts training...

Women from the Delhi police force, undergo martial arts training...

Indian tennis player Sania Mirza blows whistle to joins campaign...

Indian tennis player Sania Mirza blows whistle to joins campaign...

Children rights activist Baburaj, Good Sheperd High School headmistress ...

Children rights activist Baburaj, Good Sheperd High School headmistress ...

A Sun Bird sits on a branch of Jacaranda flower tree...

A Sun Bird sits on a branch of Jacaranda flower tree...

BJP MP'S meeting in Parliament house...

BJP MP'S meeting in Parliament house...

Bipasha Basu and Milind Soman at Pinkathon announcement

Bipasha Basu and Milind Soman at Pinkathon announcement

Modi with BJP leaders at an election rally in Jharkhand

Modi with BJP leaders at an election rally in Jharkhand

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523