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But such losses would be notional. In fact, the government could gain a lot more compared to what the customs department may lose. Even that is a notional loss. The amount the government could lose if smuggling remains rampant could be a lot more. If duties are not reduced, gold smuggling would also encourage smuggling in of arms which could jeopardize national security. This is because the profits from gold alone will permit smugglers to create a clandestine channel.

This channel would identify transporters, routes, landing points, compliant officials and runner boys for gold marketing. Once a channel is set, it is invariably used for smuggling in arms as well. That is why, gold import duties need to be reduced. Unless that is done, the adverse effects will make the country pay a very high price. The good delivery bar is to be produced by Indian refiners by adhering to quality standards followed by global benchmark LBMA. IBJA has called for public comments on the draft over the next two weeks.

It could incorporate some of these suggestions and submit an updated draft to the government, which is expected to use part of these inputs in formulating a gold policy.

The idea behind a good delivery gold bar is to harness above ground gold held by individuals and temple trusts, refine these into standard quality gold bars, which could be used by banks to sell them to jewellers, etc.

The Indian elements in this draft deal with finance and production numbers that relate to the Indian environment. The quality standards proposed are global and there is no compromise on that. WGC is also preparing feasibility report for spot exchange for gold, which is likely to be out in a month or two.

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