Curbs on gold imports likely to continue: Mayaram

 The Finance Ministry indicated that restrictions on gold import scheme are likely to continue till situation becomes “more comfortable”.

“Perhaps at some point when we are more comfortable, when you start earning more from other exports, then may be we can import more gold,” Economic Affairs Secretary Arvind Mayaram said at an event organised by Assocham. “80:20 (gold import scheme) has worked very well till now. I don't think we need to look at this at this point of time,” he added.

On August 14 last year, the government under the 80:20 scheme had allowed nominated agencies to import gold on the condition that 20 per cent of the inward shipment will be exported. The permission to import the next lot would be given on fulfilment of export obligation.

Restrictions were imposed on gold imports following rupee depreciation. The domestic currency had touched its life-time low of Rs 68.83 against a dollar in August last year.

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