The government should also introduce zero duty for gold imports so as the world trade shifts to India.
The recent restrictions on gold imports will encourage smuggling and grey markets activities in the country.
Consumer sentiment seen better than last year's
The 80:20 rule mandates importers to channel at least 20% of the import quantity for jewellery exports.
Precious ornaments are estimated to become 3% costlier under GST
The government has asked jewellers to provide information on purchases of gold bars or jewellery worth more than Rs 500,000 by the end of this month, a move seen keeping a check on big transactions amid rising smuggling.
The panel will look into issues related to compliance procedure.
Govt clamps have resulted in 93% decline in April-November
The new Companies Act that came in to force qualified the money mobilised by jewellery companies as deposits and as a result they had to discontinue such schemes.
The heightened global uncertainty due to the US "reciprocal tariffs" on India may cause near-term corrections and market turbulence, but the long-term outlook remains constructive, market experts said on Thursday. The US has announced 27 per cent reciprocal tariffs on India, citing high import duties imposed by New Delhi on American goods.
Indian gold demand seen falling to 8-year low in festive quarter.
Import in the first nine months of the current calendar year fell 20 per cent to 525 tonnes from 658 tonnes in the year-ago period.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
Out of 30 key export sectors, as many as 22 showed negative growth in September.
Bharatiya Janata Party's prime ministerial candidate, Narendra Modi, last month urged small traders to compete with foreign retail chains through e-commerce.
Devangshu Datta highlights the silver lining for the long-term investor.
