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  3. Govt to review gold imports’ restrictions by March-end: Finance Minister

Govt to review gold imports’ restrictions by March-end: Finance Minister

29 Jan 2014 Evaluate

Finance Minister P Chidambaram has asserted that the restrictions on gold imports will be reviewed by March end. Chidambaram further expressed confidence that the government will be able to revisit some of the restrictions on gold import by the end of this year after assuring firm grip on the current account deficit (CAD). There has been about 1-3 tonnes of gold smuggled into India every month following the restrictions imposed on gold shipment last year, he added.

By adding further, Finance Minister emphasized that restraining imports of gold could not be the long-term policy to control the CAD adding that India’s long-term goal is to increase exports which will earn dollars and strengthen the country to pay for imports. Recently, the National Advisory Council (NAC) chairperson Sonia Gandhi has also asked the government to take steps for reviving the growth of gems and gewellary industry. The industry players, in a letter to NAC chairperson, had strongly pitched for four policy measures, which included lifting the 80/20 rule, reducing import duty to 2 per cent, revoking restrictions on gold and mandating banks to restrict imports in 2013-14 to 80 per cent of their imports in 2012.

High gold import has become one of the major contributors to high CAD of the country. In order to restrain high gold imports, the RBI introduced 80/20 rule under which 20% of all gold imports by importers has to be re-exported. The rule has made import of gold difficult, resulting in lower imports, and consequently, a lower CAD. The government has also raised the imports duty on gold to 10%. The steps taken by the Reserve Bank and the government have resulted in a sharp decline in gold and silver imports as during the first nine months (April-December) of the current year, gold and silver imports declined by 30.3% to $27.3 billion from $39.2 billion recorded in same period of last year. India’s gold import is expected to plunge between 800-850 tonnes in current fiscal from 950 tonnes in FY13.   

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