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Policy to promote gold as asset class with relevant ministries

A draft policy for promoting gold as an asset class has been distributed to relevant ministries for comments and the proposal for setting up a gold exchange is also under consideration, the government said explaining the status of announcements made during the FY19 Budget presentation. It also said broad guidelines for amendment of the Gold Monetisation Scheme had been prepared and were under consideration.

“Along with additional disposable income in the hands of farmers and middle class, the move will increase gold consumption, going forward,” said Surendra Mehta, national secretary, India Bullion & Jewellers Association

While presenting the current fiscal year’s (FY19) Budget, financeNSE -2.25 % minister Arun Jaitley had said that the government would 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. The gold Monetization Scheme would be revamped to enable people to open a hassle-free Gold Deposit Account.

Courtesy - ET

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