Indiaherald Group of Publishers P LIMITED

X
close save
crop image
x
TM
Tue, Mar 19, 2019 | Last Updated 1:02 am IST

Menu &Sections

Search

Banks be a consignment or channelizing agent in import of Gold

Banks be a consignment or channelizing agent in import of Gold
Banks be a consignment or channelizing agent in import of Gold
http://apherald-nkywabj.stackpathdns.com/images/appleiconAPH72x72.png apherald.com

Chennai sources added the government will allow banks to do bullion business to hold, buy, sell, hedge and leverage gold. Accordingly this will facilitate intervention of banks in developing bullion as an asset class. Meanwhile as per the current norms, banks can only be a consignment or channelizing agent in the import of bullion for jewelers and exporters. They route the gold from international bullion banks like Nova Scotia and supply it to the trade, without taking the risk of holding the metal.



PR Somasundaram, MD, India, World Gold Council said “Allowing bullion banking will be a main step towards developing gold infrastructure in India and establishing gold as an asset class. Once bullion banking is allowed, banks can handle bullion risk, hold gold account, hedge and take active part in the proposed gold spot exchange”.


Banks be a consignment or channelizing agent in import of Gold

Moreover according to him, one of the main barriers working against the successful implementation of Gold Monetization Scheme is the inability of banks to take the risk of holding gold. Hence Bullion banking will not just promote Gold Monetization Scheme, it will also augment the proposed bullion spot exchange and support better price discovery. Further the Niti Aayog, in its recommendations on Gold Policy, has also asked RBI to ensure greater participation by the banks to enter the gold business for better price discovery and availability of gold.


Banks be a consignment or channelizing agent in import of Gold
5/ 5 - (1 votes)
Add To Favourite
More from author
Employee earns 20 years salary in a day!
CBI retrieving deleted scandal videos!
Ravi Shastri on issues between Kohli and Dhoni!
Pawan's Lalitha jewelry reference!
106 years old Saalumarada Thimmakka blessed President receiving Padma Shri Awards
Final candidates list of Lok Sabha Polls for TRS Party
Trading Community planning a protest shut down in Pollachi sexual abuse Case
Why Edappadi spoke to Captain Vijayakanth?
Modi, Amit Shah & many BJP leaders changed name in Twitter
KTR attacks Congress & BJP
Telangana plans to set up 35,000 polling stations across state: CEO
YS Jagan started campaigning from Narasipatnam
SIT took 4 for investigating in YS Vivekananda Reddy's murder
Why Ex- CBI JD Lakshmi Narayana joined Janasena?
History Maker: Kalpana Saroj - CEO of Kamani Tubes
#ManoharParrikar - India's First IIT Chief Minister passed away
Black Box analysis been investigated in Ethiopian Airline Crash
IBM in talks with collaboration with Nasscom & MeitY
PM Modi likely to contest from Vadodara LS Constituency again
Indigo plans to leave daily flights on 3 new routes
JSP & BSP makes alliance for upcoming LS Polls
Will all videos of Pollachi Sexual assault case be removed from Internet, HC order?
YS Jagan seeks CBI investigation in YS Vivekandanda Reddy death
Post Mortem report of murder of YS Vivekananda Reddy
CBN and his irreverent answers!
Johny Depp's suit against Amber Heard!
Modi's plan to pull in celebs!
Lydian Nadhaswaram is world's best!
Lydian Nadhaswaram is world's best!
Lydian Nadhaswaram is world's best!
SIT probe ordered on Vivekananda's death mystery
Hyderabadis demands introduction of Electric Buses through social media platforms
DMK chief M K Stalin named coalition as Secular Progressive Alliance
Kamal Hassan attacks Tamilnadu CM in Pollachi Sex abuse case
Police investigating Telugu Comedian Surya Prasad in NRI Jayaram Murder case
Jr. NTRs Father in Law joined YSRCP only for YS Jagan
About the author

Bharath has been the knowledge focal point for the world, As Darvin evolution formula End is the Start ... Bharath again will be the Knowledge Focal Point to the whole world. Want to hold the lamp and shine light on the path of greatness for our country Bharath.