Press Esc to close
Thursday 28 August 2014
News updated at 6:28 PM IST
Weather
Max: 24.4°C
Min : 20.1°C
In Bangalore
Generally cloudy

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
Abhishek Bachchan posing next to the Pro Kabbadi League trophy in Bengaluru ...

Abhishek Bachchan posing next to the Pro Kabbadi League trophy in Bengaluru ...

Imran Khan  supporter waves national and party flags during what has been dubbed a 'freedom march ..

Imran Khan supporter waves national and party flags during what has been dubbed a 'freedom march ..

England's Ben Stokes fails to get to a catch during the second ODI against India ...

England's Ben Stokes fails to get to a catch during the second ODI against India ...

Narendra Modi in a meeting with President of Asian Development Bank, Takehiko Nakao in New Delhi ...

Narendra Modi in a meeting with President of Asian Development Bank, Takehiko Nakao in New Delhi ...

Family members mourn during cremation procession of Lance Naik Dhananjay Kumar who was killed ...

Family members mourn during cremation procession of Lance Naik Dhananjay Kumar who was killed ...

Crowd during cremation procession of Lance Naik Dhananjay Kumar who was killed in an encounter ...

Crowd during cremation procession of Lance Naik Dhananjay Kumar who was killed in an encounter ...

Britain's Deputy PM Nick Clegg during the inauguration of the United Kingdom India Business ...

Britain's Deputy PM Nick Clegg during the inauguration of the United Kingdom India Business ...

Dhoni is bowled by England's Chris Woakes during their second one-day international cricket match ..

Dhoni is bowled by England's Chris Woakes during their second one-day international cricket match ..

MS Dhoni bails fly as he is clean bowled by England's Chris Jordan ...

MS Dhoni bails fly as he is clean bowled by England's Chris Jordan ...

A Lord Ganesha idol decorated with 'Laddus at famous Moti Doongari temple in Jaipur ...

A Lord Ganesha idol decorated with 'Laddus at famous Moti Doongari temple in Jaipur ...

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