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Comprehensive gold policy on cards

Banks want to participate in gold options, spot exchange

BS Reporter  |  Mumbai 

Gold import bill may hit five-year high in 2017

Ministry of along with Ministry of Commerce, of India, Ministry of and other stakeholders are coming out with a comprehensive This was stated by the India Bullion and Jewellers Association (IBJA) in a statement issued on the outcome of its just concluded 14th edition of India International Gold Convention 2017 organised in Goa. 

Policy under preparation, according to participants, includes setting up of gold spot exchange for transparent trading, India good delivery standard that will make gold refund in India as acceptable for good delivery, permitting banks dealing in gold to hedge in gold options.

It was also resolved in the gold conclave that industry stakeholders will be consulted in gold developments to ensure hassle free implementations. statement said that Manoj Dwivedi, IAS, joint secretary, the ministry of and industry welcomed the suggestion and agreed for stakeholders' meeting twice a month.

Regarding import of gold without duty from South under a free trade agreement, experts proposed that for such import of gold and gold articles, a cess be levied partly by reducing basic customs duty in such a manner that the net tax impact becomes equivalent for goods imported into the country both from non-and countries.

Giving faster refunds of to exporters, relaxing e-way bill provisions for moving gold within the city, allowing banks to hedge their gold risks in options on derivative exchanges were other important issues raised in the conference.

First Published: Sun, August 13 2017. 19:42 IST