Monday, 1st November 2004 (2446 views)

India is to introduce a new government panel to look at gold trading regulations in the country.

Within the next two to three days a group will be set up to look into regulatory structure and various aspects of the issue.

The committee will include representatives from the reserve bank, finance ministry and the gold industry.

"It will give its report in six weeks and the recommendations would be taken up in the budget," industry and commerce minister, Kamal Nath, explained.

Various options will be looked into, since the minister believes some of its regulations need to be changed for the country to be allowed to emerge as a gold trading hub.

Among the changes being looked into are allowing eight carat gold to be imported, mutual funds for investing in gold and banks to have gold linked savings.

 

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