MUMBAI : The Reserve Bank of India has suggested a review of the restrictions on gold imports in informal discussions with the finance ministry, a source close to the development said.
“There has been no formal letter or discussion for a reversal of the curbs or duties but the RBI’s officials have raised the issue and sought a review. The continued uncertainty over the US Fed stimulus taper and the impact it can have on India and the rupee is the key reason why there has been no formal dialogue yet,” the source said. Though no concrete steps have been discussed, the two sides deliberated on the rise in gold smuggling on account of the curbs. The RBI and the government may consider some easing of gold import restrictions as a first step before beginning a “calibrated reduction” in import duty on the
yellow metal. -Cogencis