In the meantime, the customs have also modified the BIS Review 76/1997  -2-  procedures for the import of gold - no longer requiring banks to be totally accountable for export obligations of the exporters. The Standing Committee on Gold and Precious Metals in the RBI (Subrahmanyam Committee) has been expanded to include representatives of the Ministries of Finance and Commerce.
The Committee is more active now in rendering advice to the RBI and the Government. General Response: A Review The general response to the issues raised in the previous seminar can be described as one dominated by aggressive liberalisers, some advocating caution, only a few favouring no change in the existing policy and virtually none seeking total roll-back of the policy.