The Indian Commerce Ministry “is planning to introduce a comprehensive gold policy”, according to Rough & Polished, citing a NewsRise report. The new policy, which will be submitted to the Finance Ministry by August, “will likely suggest a gold board for overseeing the gold and jewelry sector”.
Earlier this year, Former Reserve Bank of India (RBI) Governor Venugopal Reddy said: “It is time we have a positive approach to policy for gold.There must be positive comprehensive gold policy and I believe it is so important for the economy that so many people are dependent on it”.
In addition, the finance ministry “is also formulating a policy to auction gold deposited with banks under the monetization scheme”, which will “pave the way for the purchase of the precious metal by jewellers”.
