Tuesday, 25th May 2004 (3260 views)

Traders have been praising the upcoming changes in gold import rules for India this week.

The new rules will mean individuals can directly import gold bars showing the refiner's or manufacturer's engraved serial number for an import duty of 100 rupees per 10 grams and other forms for 250 rupees per 10 grams.

Bullion dealer, Girish Chiksi, told Reuters: "Now people will directly be in touch with gold producers and sellers and will be in a better position to negotiate prices."

"The players in the market will change. The nominated agencies may be out and individual buyers may now dominate the import business," added a bullion dealer in western India.

It is thought more gold producers will be encouraged to set up shop in India as a result of the new rule.

Before these rulings only about 15 nominated agencies could import gold, such as state-run trading companies or banks. Jewellers and traders had to use them to import bullion and faced charges of up to 0.7 per cent of transaction values.

 

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