Sharma for easing gold import rules to check smuggling

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 dont think they can be drastically brought down8230;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 countrys total shipments,raised concerns over the restrictions on the imports of the yellow metal and demanded easing of the norms.

Commerce Secretary SR 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 24 billion.