Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
The government should partner with commodity exchanges such as MCX.
Industry estimates over 30 tonnes of gold were sold on Akshaya Tritiya this time.
Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
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In a first for India, bullion derivatives contracts will be settled on a blockchain platform. This will help in global acceptance of gold refined by Indian bullion refineries, giving a fillip to the local industry, exports, as well as investments. From November 1, the National Stock Exchange (NSE) will accept gold delivery only on the blockchain platform.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
Tinesh Bhasin explains the pros and cons of trading in gold 'options', which were introduced in India this Dhanteras
While players like Paytm, MobiKwik, and PhonePe allow you to buy gold for Rs 1, Amazon Pay has kept the minimum amount at Rs 5. Digital gold is essentially an avenue for investing in physical gold.
India Bullion and Jewellers Association said, self-certification of coins by refineries contravenes the basic purpose of a certifying agency.
India's annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, in 3-5 years, domestic refineries would meet the whole demand, reports Rajesh Bayani.
Demonetisation and changes in buying patterns of consumers help in pushing online sales.
Duty changes in the Budget make refining unviable.
Prices have remained lower this year.
Only three or four tonnes is estimated to have been mobilised under the scheme.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
Finance Minister Arun Jaitley's decision to cut arbitrage may ensure that the standards of purity of the refined gold in the Indian market meet the global benchmark
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
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