restricting gold imports to contain current accounts deficit

 Union Finance Minister Shri P. Chidambaram said that the restricting the import of gold helped in containing Current Account Deficit (CAD) and balance of payments’ position. Shri Chidambaram said that the restrictions on gold may be revisited at the end of the current fiscal. The Finance Minister was speaking at the function organized here today in order to celebrate International Customs Day. This Day is being celebrated on 26th January each year by 179 Customs administrations, members of the Brussels based World Customs Organization (WCO), to mark the first session of the Customs Co-operation Council, which was renamed WCO in 1994. The theme for the International Customs Day this year is “Communication: sharing information for better cooperation.” 

Speaking on the occasion, the Finance Minister Shri Chidambaram further said that in the era of integrated global economy, technology is the key driver of growth. Therefore, he asked the customs officers, especially the young officers to keep pace with the technology. He rather asked them to master the technology. 

Dwelling on the post-GST revenue scenario, the Finance Minister said that the Customs would continue to perform a critical function as sentinels of our borders and facilitators of legitimate trade. He said that India played an important role in the recent WTO Ministerial Meeting in Bali reaching a Trade Facilitation Agreement, which will have long term relevance for Customs’ functioning 

The Finance Minister Shri Chidambaram also appreciated the Customs Risk Management System (RMS) in imports and its implementation last year in Exports. The Finance Minister said that it is important for the Customs to set measurable quantitative goals for Risk Management System (RMS) in terms of reduction of dwell time and reduction of paperwork. 

Besides the Union Finance Minister, both the Ministers of State for Finance Shri Namo Narain Meen and Shri J.D. Seelam, Shri Sumit Bose, Finance Secretary, Ms Praveen Mahajan, Chairperson CBEC, Ms. Shobha Chary, Member (Customs) along with other members of the CBEC and senior officers of the Ministry of Finance and CBEC were also present on this occasion . 

By: k.mohan

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