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India to start gold deposit accounts, no mention of import duty

Work will also start on an Indian gold coin to cut demand for foreign-minted coins

Reuters  |  New Delhi 

The government will introduce gold deposit accounts to utilise the 20,000 tonnes available within the country and launch a sovereign bond as an alternative to buying the metal, moves that are likely to cut imports into India. Finance Minister Arun Jaitley however did not make any mention of cutting the 10 percent import duty in his speech on Saturday unveiling the budget for the next fiscal year starting April 1. Read our full coverage on Union Budget India ships in 800-1,000 tonnes of gold a year despite massive stocks in the country that is neither traded nor monetised, Jaitley ...

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First Published: Sat, February 28 2015. 13:43 IST