He said, "As a proposition, restraining gold imports is a correct move." However, some experts, including RBI Governor Raghuram Rajan, have favoured doing away with curbs on gold imports because they lead to smuggling. Both the government and the RBI had imposed several restrictions on gold imports to check the widening CAD, which according to Chidambaram, "will be lower than $50 billion" this financial year. The CAD touched an all-time high of $88.2 billion, or 4.8% of GDP, in 2012-13 because of various factors, including rising gold imports. The minister also reiterated the government's commitment to restrict the fiscal deficit to 4.8% of GDP in the year ending March 2014.