Gold imports not a cause of worry, says Commerce ministry

Gold imports in December and January have been low and not caused the Government any worry, Commerce Secretary Rajeev Kher has said, says a report.

The report further says that in the month of December, gold imports stood at 39 tons while in Janaury so far the imports have been 7 tons. In November 2014, gold imports had increased to 152 tons, which was reportedly due to the festive season.

The 80:20 scheme was withdrawn in November 2014. The scheme was introduced by the UPA Government in July 2013 to curb gold imports and keep a tab on the widening current account deficit, adds a report.

This apart, discussion was held over a range of issues, including disciplines around import and export, financing of raw materials, mining of gold and fashion jewellery etc, adds a report.

Meanwhile, the GJEPC has also asked the Centre to rationalise the duty drawback scheme, which, at present, refunds lower input duties on domestic gold used by exporters than what they actually pay, adds a report.