Commerce ministry not game to further curb gold imports

Even as the government is contemplating higher customs duty to curb import of gold, the ministry of commerce and industry is not supportive of the stance. It believes this will further encourage smuggling, according to commerce and industry minister Anand Sharma.“The measures taken are pretty adequate as of now. The government is keeping a watchful eye so there is no need for measures now. That is because if you do too much it will to lead problems like smuggling. So any further measure on it will be counterproductive,” Sharma told Business Standard in an interview adding that government agencies such as MMTC and other state PSUs are making sure that gold reaches the actual users.He also said the finance ministry is looking at introducing some scheme in the next couple of months that will help consumers “hold gold in the form of bonds.”Gold import reached $2.45 billion in June from $8.40 billion in May and $2.45 billion in April, according to data compiled by the ministry of commerce and industry. In quantity terms, gold imports were 141 tons in April and rose to 162 tons in May.  In 2012-2013 gold imports reached 845 tons at $50 billion.

Source:Bullion Bulletin

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