INDIA June 20 2017 2:36 PM
MUMBAI (Scrap Register): India, which is one of the top consumers of Gold is planning to make new policy in order to prosper their $ 19 billion Gold jewelry industry, Bloomberg reported.
The plans are carried out by the finance ministry and industry groups joined and will be finalized by the end of March. One of the main factors recommended in the policy is believed to be introduction of spot bullion exchange to apply purity standards to Gold and make it more transparent.
The policy is also looking forward to reduce the 10 percent import duty, in order to stop the smuggling. The plans also include a dedicated bank for the jewelry industry. The policy is also looking forward to ensure the trust of consumers in the industry by ensuring superior standards.
With the introduction of Goods and Service tax, the Gold demand in India is expected to increase to about 850 and 950 tons by 2020 from the estimated demand of this year of 650 to 750 tons. The industry feared a tax of about 5 percent, but the government fixed it 3 percent which scraps dozen domestic charges with a single duty.