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Gold need will Mount High – World Gold Council Info
In order to descend the world’s current account deficit and to increase the Foreign Exchange reserves, central government is taking several measuring steps.
As part of it, the custom duty’s on
gold import has been raised by 10% by the central government. Also in the
process of gold import, nearly about 20% of the gold has to be exported back in
the form of the gold jewels.
All these restrictions have brings
down nearly 10 ton of gold import every month. These paved the reason for the
rise in the gold trafficking across the market.
In this stance, we are anticipating
that the newly forming party after the poll results, will be loosen the
restrictive rules framed on the gold import, and hence we are expecting the
rise in the gold need, says the World Gold council.
During 2013, the quantity of the imported gold has been in the accounted for 975 ton. And during the current year, the quantity of the imported gold will reach 1000 ton, said P.R. Sundaram, Executive director (India) of the World Gold Council.
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