......At a function organised by the National Institute of Public Finance and Policy in Delhi, while C Rangarajan, currently Chairman of the PM’s Economic Advisory Council, was mildly critical of efforts to drive gold imports underground by taxing it heavily, another former Governor, YV Reddy, came out more strongly on the side of gold. Rubbishing arguments that tried to paint gold as an unnecessary indulgence, Reddy asked rhetorically: “If Mercedes Benz and after-shave lotion can be imported, why not gold? It is both an investment and consumption good. Many people seem to mistake that it is only a hedge against inflation. There is a demand for it. It is being imported.” While Reddy went on to add needlessly, “If you can, try to stop it”, Rangarajan underscored the point that any such effort was bound to fail and only invite more smuggling........
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