It may also be noted that the Indian consumer of gold has been spared of huge transaction costs amounting to thousands of crores of rupees on account of the existence of the unofficial sector in the past. Further, duty realization is significant at a time when realization through customs duty on other commodities is coming down.
One of our aims in undertaking such an exercise will be to ensure that, by the time the euro banknotes become available, every person using and handling them will be fully acquainted with their features to the extent that everyone will be able to identify the banknotes as being genuine.