NEW DELHI: Finance Minister Madhu Dandavate indicated that the government might allow import of gold jewelry by non-resident Indians within a ceiling and on payment of import duty for curbing generation of black money through smuggling.
Prof Dandavate, who was speaking at a meeting of the forum of financial writers Tuesday night, said under the proposal, free sale of imported jewelry should be allowed to tackle the excessive demand for gold in the country.
The finance minister in his speech and the question answer session later, covered a whole gamut of questions including the loan waiver scheme, budgetary deficit, balance of payments situation, rise in prices and matters connected with guaranteeing right to work as a fundamental right.
Prof Dandavate said the demand of gold in the country was 200 tonnes as against a production of mere two tonnes and recycling of 50 tonnes of old jewelry into new ornaments.
Article extracted from this publication >> June 22, 1990
