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Sep 18, 2013, 10.39 PM IST | Source: CNBC-TV18

Commerce Min to review gold import measures on Sept 20

Commerce Secretary SR Rao called for a high-powered meeting to review measures taken by it for tightening the gold imports.

The commerce ministry is set to hold a high-powered meeting on Friday to take stock of its measures to tighten gold imports. Sources say the meeting, called by Commerce Secretary SR Rao on September 20, will be attended by all key stakeholders, including the department of economic affairs, RBI (Reserve Bank of India) and CBEC (Central Board of Excise and Customs), reports CNBC-TV18’s Ronojoy Banerjee.

The broad idea behind is to understand the ramifications of RBI’s move on curbing gold import so far. Many within the government feel that while the immediate concern may well have been addressed, it could however potentially impact the export of gold jewellery out of India.

Also read: India raises import duty on gold jewellery to 15%

SR Rao, Commerce Secretary is mindful of these concerns and would be discussing these issues at length, sources say.

Apart from officers from RBI, Department of Economic Affairs (DEA) officials from Minerals and Metals Trading Corporation (MMTC) and the chief commissioners of excise and customs will also be attending it.

Lack of clarity on customs rules could also dominate the agenda. When RBI first came up with the notification on curbing gold imports in July, for more than a month after that, the customs rules were not in place. There was barely any gold imports in India during that period.

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