Dr.T.V.Gopalakrishnan , Fortworth, Texas , says:
Investments in gold take away the capital intended for productive use. Further, it has become a speculative habit even among middle class to invest in gold thus taking away the savings of the economy for economic development. If there is some arrangement to covert gold into productive asset by some means like setting up a gold bank and converting hold hoardings into cash, there is no harm in permitting gold imports. Higher import duties should not, however, result in smuggling of gold and generation of black money. In india administration is a weak area and prone to corruption and hence higher import duties should not lead to such undesirable practices.
(This appeared in ET E Paper Dt 6 Sep 2011, 2247 hrs IST).
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