India will also launch a sovereign gold bond to lower physical demand.
Siddhivinayak to deposit 44 kg gold ornaments with State Bank of India
Finance Minister had announced the scheme in the Union Budget.
The government has also built in mechanism to protect investors from price fluctuation.
Veterans recall they haven't seen gold falling for 3 years in a row.
The Finance Ministry has sought comments from stakeholders.
Govt proposes to introduce redeemable gold bonds.
Citizens are encouraged to deposit jewellery, bars or coins with banks so it can be refined to meet fresh demand and cut the need for imports
Gold stocks in India are estimated to be over 20,000 tonnes at present.
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
The government should partner with commodity exchanges such as MCX.
Manas Sood, a Class 12 student from the Delhi Public School, has distributed 2,650 boxes of Tax City Education and empowered over 12,000 students from 52 schools across India. His aim? To help young Indians understand taxes and become financially literate.
Lenders feel temples still have a few apprehensions.
For the first time, consumers, including those at the so-called bottom of the pyramid, are monetising gold by taking loans from banks, offering the yellow metal as collateral, says Tamal Bandyopadhyay.
Recycling in India fell by 22 per cent to 14 tonnes against 18 tonnes.
The government's ambitious gold deposit scheme can succeed only if depositors are paid a higher interest rate.
Indian jewellery is widely prized for intricacy and craftsmanship.
Banks have collected about 1,500 kg of gold from temples and trusts under the Gold Monetisation Scheme (GMS) since its launch last November.
Jewellers see flat gold sales this Dhanteras
Duty changes in the Budget make refining unviable.
The government has retained 10% duty on import of the yellow metal.
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.
The bank will be responsible for taking the mixed gold to mint and getting it purified.
India's gold holding in forex reserves rose to 560.3 tonnes by the end of March 2018.
As the country moves towards creating a spot gold exchange, markets regulator Sebi's whole time member G Mahalingam on Wednesday suggested routing all the imports of the precious metal through the exchange ecosystem in the future. Such a "funnelling" would ensure that gold monetisation takes place right at the source as the metal enters the country, he said while addressing a conference organised by industry lobby Ficci. However, he also noted that the issue has not been dealt with in the papers floated by Sebi.
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
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.
It makes sense to wait for govt schemes such as gold bonds.
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Returns on godl have depleted in past few years,
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
The options include involving jewellers as collection centres, addressing of issues that banks have been facing and using domestically available gold for giving metal loans to jewellers for domestic sales.
Siddhivinayak Temple has opened a demat account to accept donations in the form of 'shares and securities' from devotees.
Key to Modi's plan will be the interest rates offered for gold deposits.
BSE proposes two models for making gold trading and investment transparent
Fund houses have been barred from being net sellers or holding net short positions at the scheme level in commodities.
The recently approved government scheme provides both liquidity and returns.
Any liquid money that gold replaces for CRR or SLR compliance will allow banks to use this 'extra' cash for lending to borrowers
A dedicated physical gold exchange could lead to standard gold pricing in India.
It plans to use it as collateral, along with forex reserves, to print currency.
The iconinc Zaveri Bazaar in south Mumbai does business of around Rs 3 trillion a year.
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