The RBI's efforts to contain gold imports by restraining credit for purchase of gold assets will hit the jewellery trade and encourage dependence on illegal sources. The policymakers should learn from the experience of clamping down on gold imports during the licence raj, leading to the emergence of powerful smuggling rings that endangered the country's security besides leading to a burgeoning black market in gold.
Government hikes import duty on gold to 8%. The government on Wednesday raised the import duty on gold to 8% from 6% in a bid to rein in import of the yellow metal and to help curb a yawning current account deficit. The basic custom duty on gold and platinum has been raised to 8% from 6% and changes come into effect immediately.
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