National News
Gold imports up 40.79 pc to USD 2.68 bn in Jan
The country’s gold imports in January rose by 40.79 per cent to USD 2.68 billion on account of increasing domestic demands, according to commerce ministry data.Gold imports stood at USD 1.9 billion in January 2024.Cumulatively, imports during April-January this fiscal year rose 32 per cent to USD 50 billion against USD 37.85 billion in the same period last fiscal year.
The increase in imports also indicates strong investor confidence in the precious metal as a safe asset. The other reasons include asset diversification towards gold due to global uncertainties, increasing demand from banks, and cut in customs duties.Prices of the yellow metal have increased 11 per cent so far this year to ₹88,200 per 10 gram in the national capital.
National News
BCCI Panel Discussion Explored Ways To Channel Household Gold Into The Formal Financial System
If India Can Replicate The Convenience Of A Gold Loan While Offering Attractive Incentives, The Country Has The Potential To Mobilize Significant Domestic Gold Resources.
Bombay Chamber of Commerce & Industry organized a panel discussion on “Building India’s Gold Monetization Marketplace”, moderated by Neil Borate, Editor-in-Chief of The Federal’s fintech platform The Fynprint. The panel featured Khushboo Ranawat, Regional Chairperson – West, and Member – National Exhibitions, GJEPC, Richa Agarwal, Chief General Manager, SEBI; Ramakrishnan Padmanabhan, General Manager, Department of Metals & Commodities, IFSCA; Nilesh Lodaya, Chief Business Officer, CDSL; Rajnish Gupta, Partner, Tax and Economic Policy Group, EY India; and Gunveer Singh, Executive Director, Department of Payment & Settlement Systems, RBI.
The discussion explored ways to channel household gold into the formal financial system, strengthen India’s gold monetization ecosystem and reduce dependence on imports. Panelists noted that a significant share of India’s gold holdings consists of investment gold in the form of bars and coins, representing a substantial opportunity for future monetization. If India can replicate the convenience of a gold loan while offering attractive incentives, the country has the potential to mobilize significant domestic gold resources.
The seminar brought together regulators, market infrastructure institutions and industry leaders to discuss policy reforms, electronic gold receipts, tokenization and the development of a modern digital gold ecosystem. Speakers included Praveen Rai, MD & CEO of MCX, former SEBI Executive Director Pramod Rao, and senior officials from SEBI, IFSCA, RBI, CDSL and NSDL.
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