The Ministry of Finance (MoF) has asked Ministry of Commerce and Supplies (MoCS) to nullify ban on gold imports without further ado.
MoF made the move after the MoCS dillydallied to lift ban as per its previous request.
The supply of yellow metal in the domestic market has deteriorated due to the delay in lifting the ban.
It is said that as the MoCS has been assessing the impacts the decision about banning gold imports could leave on national economy, the same has faced delay.
The rise in prices in domestic market is not in tandem with price rise in international market.
The budget for fiscal year 2010/11 had increased the import duty to Rs 1,000 per 10 grams of gold.
MoF made the move after the MoCS dillydallied to lift ban as per its previous request.
The supply of yellow metal in the domestic market has deteriorated due to the delay in lifting the ban.
It is said that as the MoCS has been assessing the impacts the decision about banning gold imports could leave on national economy, the same has faced delay.
The rise in prices in domestic market is not in tandem with price rise in international market.
The budget for fiscal year 2010/11 had increased the import duty to Rs 1,000 per 10 grams of gold.
