Gold policy, a ground-breaking step!
Mr Somasundaram PR, Managing Director, India, World Gold Council said on Union budget announced that,
“The government’s announcement that it will formulate a comprehensive gold policy to establish gold as an asset class is ground-breaking. The establishment of regulated gold exchanges is exceptionally positive towards making gold a mainstream national value-added asset. A stable policy environment and a fair and effective trading market will bring much needed transparency and stability.”
DE facto, since long Industry & WGC is looking for gold policy! Recently Nation's first ever India Gold Policy & Jewellery (IGPJ) Summit held on 1st & 2nd December 2017 at Vigyan Bhawan, New Delhi bringing together all stakeholders of the industry on a common platform and share their opinion on the current status & challenges of the Indian bullion industry both nationally and internationally.
A Number of distinguished personalities like Shri Suresh Prabhu-Hon. Union Commerce & Industry Minister, Dr. Hasmukh Adhia-Union Finance Secretary, Smt. Rita Teaotia-Commerce Secretary, Shri Ratan Watal-Principal Adviser, NITI Aayog, Shri Alok Chaturvedi-Director General of Foreign Trade, Shri Manoj Dwivedi-Joint Secretary, Ministry of Commerce & Industry amongst others graced the event with their presence.
At the juncture then Chairman, GJEPC Shri Praveenshankar Pandya addressing the press at New Delhi said, “India is one of the largest consumers of bullion and in sync with the Government’s intention to work on a comprehensive gold policy, GJEPC has taken the lead with the first ever India Gold Policy & Jewellery Summit.
Now at the Budget 2018-19, the Government has taken up several important reforms for building institutions and improving public service delivery across the country over the last three and a half years. While presenting the General Budget 2018-19 in the Parliament, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitely said while Aadhar has provided identity to every Indian, every enterprise, big or small, also needs a unique ID. The Government will evolve a scheme to assign every individual enterprise in India a unique ID, the Finance Minister announced.
The Finance Minister also announced that the Government will formulate a comprehensive Gold Policy to develop gold as an asset class. The Government will also establish a system of consumer friendly and trade efficient system of regulated gold exchanges in the country. Gold Monetization Scheme will be revamped to enable people to open a hassle-free Gold Deposit Account.
Indeed it is much needed in India for ease of doing business!
