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India allows freer gold import

Analysts say jewellery exports will go up
BOMBAY. Oct 18: Indias move to allow freer gold imports will boost its jewellery exports and pave the way for the Indian currency's convertibility on the capital account, dealers and analysts said yesterday, reports Reuter.
"Gold is no more a sacred cow or taboo. The government has demolished that myth by further liberalising its gold import policy." said V M Kapoor. President of the Jewellery Exporters Association.
"At present exports are suffering for want of an uninterrupted supply of gold because of various procedures. The latest measures will ensure a continued supply,” Kapoor said.
Jewellery exporters currently get their gold supply against orders from importers abroad and local dealers pay a pre-
mium to acquire special import licences to buy gold and silver.
The measures, announced on Thursday, allow three staterun agencies and eight banks to import and sell gold freely to both exporters ofjewellery and local dealers.
Analysts said the test policy could help curb smuggling of Sold and was In line with an of-cial committee’s suggestion that liberalisation of gold trade was a prerequisite for the conversion of the rupee on capital account.
The committee, set up by the Reserve Bank of India (RBp. submitted its report last May. suggesting a three-year route to convertibility of the rupee on capital account.
"We are changing policies of 50 years of trying to preven t gold from being imported
through back routes." said S S Tarapore. a former RBI Deputy Governor, who headed the committee.
"It is in this way that we will equilibrate prices (with world market levels)," said Tarapore." This is the one major step that will revoke the whole thing of having to go through the back route of unofficial channels."
"I think it is one of the most significant measures and reflects the authorities' seriousness of intent to bring about a more efficient Indian economic and financial system," he said.
One banker said he expected the measures would quickly lead to the development of an interbank dealing market in gold, and the Introduction of hedging Instruments like futures and options.