Letter to BS: Govt may hike import curbs on various items, will spare gold

The possible introduction of the special gold deposit scheme to curb imports by recycling the existing stock of gold within the country is only a partial solution to this problem

This is with reference to your article, “Gold may be spared duty hike” (September 25). Although the continued fall in the value of the rupee is a cause for concern, imports cannot be totally contained as its role in internal development and export trade cannot be overlooked. However, although duty hikes can, in general, curb imports, the same yardstick cannot be applied to gold. Gold is an essential requirement for our social customs, religious functions and marriages. Further, in the case of gold, although India is its second largest purchaser, the hike in customs duty to restrict its imports will