There can be no good news than this for those in
gold trade and those who love gold. For, after much consideration and
consultation, the Indian government is set to ease its curbs on gold imports.
The Union
government and the country's apex bank- Reserve Bank of India- came out with a
series of measures to curb gold imports last year.” These measures were taken to
bring down India's current account deficit, which touched worrying levels.
Thanks to the steps, the CAD has come down, much to the relief of those at the
helm of affairs,” sources offering live gold rate in Chennai said.
But still,
the government was not so keen at easing the norms, despite representations
from various industry bodies and organisations. The industry bodies made these
representations since jewellers and others in the trade suffered a lot due to
the government's restrictions. Since there were so many curbs on gold imports,
the inflow of the precious metal from abroad countries came to a standstill.
”This worried jewellery owners and gold sellers a
lot, since they were running out of gold to make ornaments. Also since there
were restrictions against bullions and gold coins, jewellers felt the pinch and
were facing uncertain future,” sources offering live gold rate in Chennai said
further.
Following
this, based on the inputs from them, the trade bodies and industry organisations
made representations to the government to ease norms. But there was no positive
signal. However now, Planning Commission member Saumitra Chaudhuri has batted
for relaxation in curbs on gold imports citing improved current account deficit
(CAD) and joining the growing clamour for easing restrictions on the yellow
metal.
Speaking on
the side-lines of a CII event, Saumitra Chaudhuri said, "Government had
imposed curbs on gold imports in May as a temporary measure. Since it has
helped considerably in cutting down trade deficit, I think there will be an end
to this either towards the end of this quarter or early next fiscal."
Adding value to the voice of Chaudhuri, Economic
affairs secretary Arvind Mayaram indicated that the norms would be relaxed
after March. He told PTI on Tuesday that the government should not tamper with
the existing regime at least for this fiscal, notwithstanding an improvement in
the CAD situation.
A few days before that, Union Commerce and Industry
Minister Anand Sharma said that the gold import norms would be revisited
shortly. Speaking on the side-lines of the inaugural event of the Water Health
India’s Jaladhara Foundation on the outskirts of Hyderabad, he said, “There is
enough availability of gold in the country but we will revisit the import
norms. Our effort is to tackle the channel of gold smuggling.”
It is to be noted that even Reserve Bank of India
Governor Raghuram Rajan too favours doing away with the restrictions. He
expressed this opinion, sharing the idea of the Commerce Ministry, which feels
that the curbs on gold encourage smuggling.
All these opinions by policymakers have made jewellers
very happy, and this is expect to make live gold rate in Chennai more
attractive in the coming days, indicate experts in the trade. If you are
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