Union Finance Minister Arun Jaitley on Thursday announced a new golden policy while presenting the budget in Parliament. He said that by restructuring the scheme people will be able to open gold deposit accounts without interruption.
The Finance Minister said that the government will establish a consumer friendly and business efficient system for gold exchange regulating in the country. To develop gold as a property class, large gold policy will be worked out. This will ease the import and export of gold. Under this, there is a plan to bring Gold Board and Gold Spot Exchange. The government launched the Gold Monetary Policy for the first time in 2015. Its aim was to bring out gold lying in families and institutions. Under the scheme, consumers can deposit unnecessary gold in the home with the banks for a fixed period. On this, they get interest of 2.25 to 2.50%. Earlier, the bullion traders had demanded that the import duty on gold be reduced to four per cent.
JGEPC said that the concern
Gems and Jewelery Export Promotion Council (JEGEPC), while expressing concern over the decline in gold jewelery exports, said that there is a need to create a regulatory and five-year policy to control the gold business in the country. . He had said that there is a need to create a Golden Board or Indian Gold Authority in the country.
Import of
imported gold was 975 tonnes, the country imported
811 tonnes of gold in the year 2013. In 2014,
846 tonnes of gold imported in the year 2017 is more than
95 percent of gold imported in the country.
