Budget 2018 Gold policy: Spot exchange on cards, GMS to be revamped

However, FM offers no clarity on whether deposits under GMS will be cash equivalents or physical gold

After over two years of discussion, the government has finally recognised the need for a comprehensive gold policy.

“The Government will formulate a comprehensive Gold Policy to develop gold as an asset class. The Government will also establish a consumer-friendly and trade-efficient system of regulated gold exchanges in the country. The Gold Monetisation Scheme will be revamped to enable people to open a hassle-free gold deposit accounts,” finance minister Arun Jaitely said in his Budget speech on Thursday.

While he refrained from giving details he emphasized three aspects -- policy formation, gold spot exchange and tweaking gold deposit