Restriction on gold import to be reviewed by March: FM

Posted By: Religare
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Restriction on gold import to be reviewed by March: FM
The Union Finance Minister P. Chidambaram on Monday said that the restricting the import of gold helped in containing Current Account Deficit (CAD) and balance of payments' position.

"The restrictions on gold may be revisited at the end of the current fiscal," Chidambaram said while speaking at the function organized here today in order to celebrate International Customs Day.

Speaking on the occasion, the Finance Minister Shri Chidambaram further said that in the era of integrated global economy, technology is the key driver of growth. Therefore, he asked the customs officers, especially the young officers to keep pace with the technology. He rather asked them to master the technology.

Dwelling on the post-GST revenue scenario, the Finance Minister said that the customs would continue to perform a critical function as sentinels of our borders and facilitators of legitimate trade. He said that India played an important role in the recent WTO Ministerial Meeting in Bali reaching a Trade Facilitation Agreement, which will have long term relevance for customs' functioning.

The Finance Minister also appreciated the Customs Risk Management System (RMS) in imports and its implementation last year in Exports. The Finance Minister said that it is important for the Customs to set measurable quantitative goals for Risk Management System (RMS) in terms of reduction of dwell time and reduction of paperwork.

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