Is permitting NRI to carry more Gold to India beneficial for the country?

Is permitting NRI to carry more Gold to India beneficial for the country?
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Dubai: At a conference hosted by the Institute of Chartered Accountants of India (ICAI) – Dubai, Vice Chairman of Dubai Gold and Jewellery Group (DGJG) said that permitting NRI to carry more gold to India is beneficial.

According to the report published in Khaleej Times, he said that if govt. allows NRIs to carry more gold to India, the metal will become affordable to the residents of the country.

Despite the fact that India is the largest consumer of Gold, the limit of bringing gold by NRI is dropped to 1kg from 10 kg.

It may be mentioned that in 2018, Globally, India was the second largest bars and coins market.

Meanwhile, Mahmood Bangara, Chairman of ICAI- Dubai said that NRI investment will lead to more foreign exchange inflow. It is beneficial when compared to FDI.

Mr. Vipul, Consul General of India said that NRIs, UAE Govt. and private investors can get good returns by investing in Indian Economy as it is growing at the rate of more than 7%.

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