India Said to Plan Gold Policy Revamp for $19 Billion Sector
- Import duty of 10% could be cut to help eliminate smuggling
- Spot bullion exchange and jewelers’ bank under discussion
Gold for sale in India
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India, which vies with China as the top consumer of bullion, is working on new policies to improve transparency and help expand its $19 billion gold jewelry industry, according to people with knowledge of the matter.
The plans being worked out by the finance and commerce ministries along with industry groups should be finalized by the end of March, the people said, asking not to be identified because they aren’t authorized to speak publicly. D.S. Malik, spokesman for the finance ministry, didn’t answer calls to his cellphone, while a spokeswoman for the commerce ministry didn’t reply to an email seeking comment.