Wednesday, 20th October 2004 (2475 views)

MMTC has announced it has witnessed strong growth in its gold handling business since rules were changed in February.

Under new rules bullion traders are now allowed to directly import the precious metal, whereas in the past only 17 designated agencies were allowed to be used.

Sanjiv Batra, director of marketing in MMTC told the Indo Asian News Service: "Despite expectations that the bullion traders would opt to source gold on their own, MMTC continues to play a big role in import of the precious metal. We currently have 25 percent market share in India."

India's overall imports during the last six months have reached 330 tonnes and MMTC expects its gold sourcing to double during the fiscal year.

It is thought bullion traders still go to MMTC since it offers payment flexibility and is trustworthy.

 

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