New Delhi : Citing prevailing favourable factors boosting the country’s overall trade performance, the Economic Survey said it is an “opportune time” to remove restrictions on gold imports.
The robust external-sector outcome in the current year of moderate trade and current account deficits, abundant financial flows, a build-up of foreign exchange reserves and broadly stable exchange rate movement points to a return to the path of strength and resilience that was in evidence before the global financial crisis of 2008, it said. In order to check the rising CAD, the government had raised import duty on gold to 10 per cent, while RBI imposed curbs on import of gold and also laid down various pre- conditions for inward shipments of the precious metal.
