This may free up resources for productive or lending purposes.
Banks in talks with temple trusts to push gold scheme
The richest Hindu temple in the world could soon come to the rescue of Prime Minister Narendra Modi's plan to recycle tonnes of idle gold and cut economy-hurting imports.
Finance Minister had announced the scheme in the Union Budget.
Siddhivinayak to deposit 44 kg gold ornaments with State Bank of India
Veterans recall they haven't seen gold falling for 3 years in a row.
Govt proposes to introduce redeemable gold bonds.
Chirag Mehta, senior fund manager -- alternative investments at Quantum AMC, shares his views.
The government has also built in mechanism to protect investors from price fluctuation.
The Finance Ministry has sought comments from stakeholders.
Thanks to a close one's illness, I have seen quite a few hospital rooms in the past half a year or so. They have revived my respect for life reinterpreted via its essentials, notes Shyam G Menon.
India will also launch a sovereign gold bond to lower physical demand.
The RBI has issued guidelines and the government has notified it.
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%.
Gold schemes are offering attractive returns to investors.
The government on Friday hiked import tariff value on gold to $401 per 10 grams and on silver to $543 per kg in line with global price trends.
The government has retained 10% duty on import of the yellow metal.
Key to Modi's plan will be the interest rates offered for gold deposits.
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.
Recycling in India fell by 22 per cent to 14 tonnes against 18 tonnes.
Lenders feel temples still have a few apprehensions.
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.
Duty changes in the Budget make refining unviable.
India imports a staggering 1,000 tonnes of gold every year, draining out foreign exchange and putting pressure on the fiscal deficit.
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
Fintech firm BharatPe is targeting an initial public offering (IPO) in the next 18-24 months with the company expecting profitability at an earnings before interest, taxes, depreciation and ammotisation (Ebitda) level for FY25, chief executive officer (CEO) Nalin Negi said.
The government should partner with commodity exchanges such as MCX.
Of the 1,000 surveyed by IIM-A, only five were aware about the government-sponsored gold schemes
A dedicated physical gold exchange could lead to standard gold pricing in India.
In 5 years, the average demand for gold has been 895 tonnes annually.
Govt should take steps to monetise real estate investment schemes.
India's gold holding in forex reserves rose to 560.3 tonnes by the end of March 2018.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
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
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Returns on godl have depleted in past few years,
The government's ambitious gold deposit scheme can succeed only if depositors are paid a higher interest rate.
Gold deposited by households to gold savings accounts will be used for auctioning, replenishment of RBI's gold reserves.
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
Indian jewellery is widely prized for intricacy and craftsmanship.
