This refers to the article ‘‘Managing gold, a policy challenge’’ (Business Line, July 6). This is a timely alert to the Government and the RBI to manage India’s domestic stock of gold to the country’s advantage. Instead of handling the issue piecemeal, the Government and the central bank should evolve a gold policy which should factor in:
The imbalance between import and export of gold and gold-based products;
Mapping the domestic stock of gold and jewellery;
Gradually converting the official gold stock with government and banks into standard gold, acceptable internationally;
Charging inspection fee (there should be arrangements for inspection) and an annual charge payable to government on gold beyond a stipulated limit retained with private individuals/institutions.
This will partly finance the security costs borne by the government.
- M. G. Warrier Mumbai (HBL)
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