India to levy commodities transaction tax from July 1

India, the world's biggest buyer of gold, will levy 0.01% commodities transaction tax on futures contracts of non-agricultural commodities like precious, base metals, oil and gas, from July 1, the finance ministry said in a statement.

The tax was proposed in the budget in February. India has 21 commodity bourses, including six operating at the national level. Foreigners are still not allowed to trade in futures, but can buy stakes in commodity exchanges.