......Till restrictions were lifted on gold import and a few commercial banks were allowed to import gold and sell the yellow metal to jewellers and exporters in 1997, the spread between the London and Mumbai market prices was huge but that has shrunk dramatically. There is no incentive for gold smuggling any more but with the bank and post office branches selling gold coins to retail customer, we are facing a different problem—wider current account deficit. Historically, the government and the Reserve Bank of India have tried hard to wean away people from gold and bring the yellow metal out of the household closets for productive purpose without any success...........
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