NEW DELHI: The federal government proposes to allow nonresident Indian (NRI’s) to bring 200 grams of jewelry. To bring down prices of gold and curb smuggling, finance minister Madhu Dandavate said in Parliament.
The NRIs coming into the country to settle down, would, have to pay a customs duty of 1.50 U.S. dollars per ten grams, Prof Dandavate said.
Dandavate said, the prices of gold in India were 55 per cent higher than those prevailing in the international market.
Dandavate said the demand for gold in the country was between 150 to 300 tons, whereas indigenous production was only two tons and recycled gold was 50 tons.
The finance minister said the stocks of hidden gold in the country was estimated to be anywhere between 10,000 to 15,000 tons.
Article extracted from this publication >> August 24, 1990
