India aims to be gold trading hub

The government has set up a committee to examine the regulatory structure of the gold industry to make India a gold trading hub, Minister of State for Commerce and Industry K S Elangovan said on Monday.

The committee will recommend steps to facilitate mutual funds to invest in gold, improve the ability of banks to implement gold-linked saving schemes and suggest appropriate customs and foreign trade measures needed to facilitate manufacturing and trading in gold.

"The committee is expected to submit its report within six weeks from the date of its first meeting. The findings of the committee are expected to improve the prospects of gold trade in the country," he said.