Five steps to contain gold imports in India
Make gold transactions more transparent
Black-marketing and black money have become the biggest hub in gold market because of absence of documentation and taxation. There is no transparency in buying and selling of gold since most part of it falls under the unorganised sector. The neighbourhood jewellery shop is the best example to explain the ambiguity in transaction.
The government should come up with a strong and transparent mechanism to check the flow of blackmoney in gold market. Investment in gold should be brought under strict surveillance of the tax regime so as to make dealings in gold more transparent.
Ajeet Kumar/Reema Sharma
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