Tuesday, 14th December 2004 (3194 views)

India's industry chamber Assocham has called for a complete review of the country's Mining Policy in order to attract higher investments in gold mining.

According to President Mahendra K Sanghi, a review of the country's mining policy and the creation of world class refining facilities were now needed to boost bullion trading.

In addition, he feels India could become a distribution hub for Asia once the policy is changed, with current annual gold trade in the country reaching Rs 40,000 crore.

Among the issues suggested by the president were two-way Trade Free imports of bullion with zero import duty and re-export of gold, according to UNI.

Other changes included rationalising duties on gold for the industry, gold savings at banks, introducing promotional and liberalised use of commodity exchange and spot trading and gold loans for local jewellers.

 

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