India's Gold Requirement For 2022 To Be Over 800 Tonne
The five percent duty hike on the gold by the Central government will not have any major impact on the demand for the yellow metal, said Somasundaram P.R., Regional CEO India, World Gold Council
He also said the Indian government is watching the rupee dollar exchange. The government may act against imports if the rupee continues to depreciate against the dollar. On the impact of the India International Bullion Exchange (IIBE) Somasundaram said it is important for India. With a robust regulatory framework, the exchange is an important component.
As the second largest consumer of gold in the world, the bullion exchange will position India in the global market and also give a voice. “If the Indian gold refiners can align with the global standards then Indian gold bars can also be traded on the exchange”, Somasundaram added.
The IIBE will be inaugurated by Prime Minister Narendra Modi on July 29th in Gujarat.