Gold Loans Help Aam Aadmi

.....Unfortunately, even a 4% duty has sufficed to revive gold smuggling: customs seizures are up. Former RBI Governor C Rangarajan has said that raising the duty further will be counterproductive. Another former Governor, Y V Reddy, has asked, "If Mercedes-Benzes and aftershave lotions can be imported, why not gold?" I would go further. If Tata and Birla can use billions in foreign exchange to buy companies abroad though many acquisitions have been duds — why prevent the aam aadmi from also using a little foreign exchange to invest in a dollar-denominated asset like gold?........

Read - ET