You are here: Home » Economy & Policy » News
Business Standard

Jewellers want post offices to introduce systematic gold deposit collection

IBJA has urged the govt to maintain the current limit level of Rs 200,000 for cash transaction as per mandatory PAN limit

Dilip Kumar Jha  |  Mumbai 

Gold
Representative image

dealers and have urged the government to allow the to start accumulation scheme to facilitate rural depositors keep their affinity towards intact with the systematic deposit of small sum on a continuous basis. In a pre-Budget recommendation submitted to the Union Finance Minister, the apex industry body the India and Association (IBJA) said, “deposit scheme must be started through across Indian wherein recurring deposit account is credited with quality when depositors deposit the money in such account. Such accumulation plan will help investors to systematically invest in over a period of time.” Till recently, were allowed to retail coins through their main branches across metros and semi-metros. But, the government’s efforts to reduce promotion of coins and bars restricted sales of coins through Not only but also retail were asked to discourage sales of coins which had become a major investment avenue till last year. representing hundreds of thousands of dealers and across India has recommended to set up a bank separately to deal exclusively with import and Apart from that, the bank should maintain a account in “quantity” instead of “rupee” account. This will help the government to reduce import dependence on gold, said Surendra Mehta, National Secretary, Further, ruling out any possibility of reducing cash transaction, has urged the government to maintain the current limit level of Rs 200,000 for cash transaction as per mandatory permanent account number (PAN) limit.

To promote exports of and artefacts of precious metals thereof, have called on the need to set up a domestic council which the government has already set up for many other sectors. In order to bring the domestic and dealers’ house in order, sought to set up a spot exchange and board, similar to that of Tea Board, Spices Board etc. to promote the welfare of entire value chain in this business. In a pre-budget submission, another industry body representing organized All India Gems and Jewellery Trade Federation (GJF) highlighted the need to re-open mining on domestic mines. “Important mining destinations like the Kolar mines and other dormant mines to be reactivated and offered to private companies to explore the scope of mining. Mining of should be opened up for private players who have the know-how, means and capacity to invest in such mining operations. This will also ease imports and find permanent solutions for in India and give more job opportunities,” said Nitin Khandelwal, Chairman,

First Published: Sat, January 13 2018. 18:19 IST
RECOMMENDED FOR YOU