'No Communication on Easing Gold Duty' - The New Indian Express

'No Communication on Easing Gold Duty'

Published: 25th January 2014 06:00 AM

Last Updated: 25th January 2014 01:22 AM

RBI Deputy Governor KC Chakrabarty on Friday said that his office had not recieved any communication recommending relaxation of duty on gold imports. Congress President Sonia Gandhi had reportedly written a letter to the Commerce Minstry seeking a cut in the 80:20 scheme for gold imports.

Speaking to reporters after addressing students at the Indian Institute of Management here, Chakrabarty said, “The letter has not reached us. We will examine it when we see it.” The Deputy Governor also said that he was in support of an RBI recommendation to switch over to consumer prices from wholesale prices while setting its inflation target and for framing of monetary policy. On the decision to take currency notes issued before 2005 out of circulation, he said that the move would help in arresting the spread of counterfeit notes. “It may also help in arresting black money and hoarding of cash,” he said.

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