To reduce the CAD to sustainable levels, the Reserve Bank and Government of India have taken various policy measures including, inter alia, (i) an increase in the customs duty on gold, (ii) instructions to all nominated banks/nominated agencies to ensure that at least one fifth of every lot of import of gold (in any form/purity including import of gold coins/dore) is exclusively made available for the purpose of export and (iii) issuance of inflation linked bonds to wean away investors from gold to other savings instruments.
Consequently, examiners will assess whether senior management ensures that the compliance program has sufficient financial resources and a sufficient number of qualified and well-trained staff to carry out its responsibilities effectively. Policies and procedures Policies and procedures essentially define and communicate the key goals and processes of an organization's compliance program.