NEW DELHI : The government is considering easing the country’s import regulations for gold and liberalising the 80/20 rule for the commodity, Commerce and Industry Minister Anand Sharma said.
“Government will look at both. Yes, from the Commerce side, the proposal is to relax 80-20 rule,” Sharma told Cogencis. He said there is a need to make gold available for domestic consumption and jewellery exporters and over-regulation of gold imports has led to smuggling.
“We have to regulate it. It becomes essential. So, we agreed, we went along with the department of revenue and the Reserve Bank. At the same time, I have a consistent view that we have to have a balance. Over-regulation, too much of stiff tariffs, lead to another problem, have led to that problem that is of smuggling,” Sharma said.