It is time for a positive approach to policy in relation to gold
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Royal Pearl Jewelry
Jun 2, 2017, 2:49:28 PM6/2/17
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India's Ministry of Commerce plans to introduce a comprehensive policy for gold, reports CNBC-TV18 quoting to a report NewsRise. The official said the ministry policy on gold will likely include the creation of Gold Council to oversee the gold and jewelery sector.
"The Ministry of Trade will review the opinions of shareholders about the policy before June, and by August will present a proposal to the Ministry of Finance" - the official added.
Earlier this year, the former head of the Reserve Bank of India (RBI) Venugopal Reddy said that the government needs to develop a comprehensive "gold policy" because of the large role of the metal in the economy.
"It is time for a positive approach to policy in relation to gold should be positive comprehensive gold policy, and I believe that the economy is very important, as this segment is dependent on a lot of people." - he said. Reddy also claimed that gold is considered the "base" currency of the world, and in India it is a part of Indian culture, while for women it serves as insurance in the event of unforeseen circumstances.
Meanwhile, the government of Narendra Modi has taken a number of steps to formalize and better monitoring of trade in gold in the country. All probing the precious metal has become mandatory since last year. The government has also launched a special scheme of gold and made mandatory to provide a taxpayer identification number when purchasing products worth over 2,000 crore. All of these steps indicate the seriousness of the government's intentions to make gold in the country of ordinary commodities.
In addition, the Ministry of Finance is also developing a policy of auctions for gold, deposited in banks for monetization scheme. This will open up a new opportunity for the purchase of precious metals by jewelers, as well as mark the full deployment of the scheme, which was launched for cutting import Prime Minister Modi in November 2015 and to reduce the current account deficit.
"The Ministry of Trade will review the opinions of shareholders about the policy before June, and by August will present a proposal to the Ministry of Finance" - the official added.
Earlier this year, the former head of the Reserve Bank of India (RBI) Venugopal Reddy said that the government needs to develop a comprehensive "gold policy" because of the large role of the metal in the economy.
"It is time for a positive approach to policy in relation to gold should be positive comprehensive gold policy, and I believe that the economy is very important, as this segment is dependent on a lot of people." - he said. Reddy also claimed that gold is considered the "base" currency of the world, and in India it is a part of Indian culture, while for women it serves as insurance in the event of unforeseen circumstances.
Meanwhile, the government of Narendra Modi has taken a number of steps to formalize and better monitoring of trade in gold in the country. All probing the precious metal has become mandatory since last year. The government has also launched a special scheme of gold and made mandatory to provide a taxpayer identification number when purchasing products worth over 2,000 crore. All of these steps indicate the seriousness of the government's intentions to make gold in the country of ordinary commodities.
In addition, the Ministry of Finance is also developing a policy of auctions for gold, deposited in banks for monetization scheme. This will open up a new opportunity for the purchase of precious metals by jewelers, as well as mark the full deployment of the scheme, which was launched for cutting import Prime Minister Modi in November 2015 and to reduce the current account deficit.
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