The Bill provides comprehensive legislation to prohibit unregulated deposits, with punishment for those promoting such schemes or defaulting on repayment.
Globally, gold declined from the highest level.
The government will issue Sovereign Gold Bonds (SGBs) in six tranches beginning April 20, the Reserve Bank of India said on Monday. The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram and the tenure of the SGB will be eight years with exit option after fifth year to be exercised on the interest payment dates.
Gold bullion purchases across Asia slowed this week as a long rally in prices discouraged buyers.
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.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
Gold prices tumbled by Rs 3,350 to Rs 72,300 per 10 grams in the local market in New Delhi on Tuesday amid subdued demand by jewellers after the government announced the customs duty cut on the yellow metal and silver to 6 per cent.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
Jewellery stores remained deserted as buyers deferred their non-essential purchases awaiting softness in gold prices.
The iconinc Zaveri Bazaar in south Mumbai does business of around Rs 3 trillion a year.
While the gold policy covers every aspect, from sourcing gold to trading and investing in it, experts assert that the policy is incomplete if mining of gold in India isn't promoted.
A downturn in Indian demand could hit global gold prices.
Jaitley on Monday rejected demands for rollback of the 1% excise duty.
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
Uncertainties like the bankruptcies bill, rising non-performing accounts at banks and political uncertainty are expected to drive gold demand higher in India.
The government has retained 10% duty on import of the yellow metal.
Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low
Experts recommend buying gold as the fundamentals supporting a rally have not changed.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
Gold is seen as a preferred asset for all types of investors, even central banks.
The Bill to amend the Bureau of Indian Standards Act has been passed.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
Gold prices in India soared to record highs on Thursday, prompting many people in the world's largest bullion consumer to sell old stock, traders said.
Gold schemes are offering attractive returns to investors.
BSE proposes two models for making gold trading and investment transparent
Dealers are selling gold at a discount of Rs 175 for 10 gm.
Gold imports into India, the world's largest consumer, remained almost stagnant for the second straight week as high prices hit demand and brought domestic sellers to the market, traders said.
'Gold could return 10% to 12% in the next two-three years.'
Veterans recall they haven't seen gold falling for 3 years in a row.
Only three or four tonnes is estimated to have been mobilised under the scheme.
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.
Steps such as safeguard duty in the works to plug the route
Gold prices may trade higher in the coming days because of weaker dollar and speculations of US Fed rate cut.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
The spotlight is back on the hawala trade in diamonds.
Report says gold being exported by persons of Indian origin and routed through Dubai
For India to monetise gold, it is not the institutional depositor that policymakers must target but the average retail depositor.
In China, premiums fell to about $1.50 an ounce on Friday from $2-$3 an ounce.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances