Tuesday, 16th November 2004 (2438 views)

India's minister of commerce and industry has established a committee to examine the potential for revamping the country's gold industry regulations.

Shri Kamal Nath is planning to evaluate the possibility of transforming the sub-continent into a gold trading hub by adjusting the rules governing gold trading and manufacturing.

The new committee will study potential measures to enable banks to hedge in futures markets on gold, as well as the possibility of helping banks to deliver new gold-linked saving schemes.

The current status of the customs and foreign trade rules governing the precious metal will also be scrutinised, with Mr Nath confident of developing what he claims is a rapidly maturing market.

"India can longer be looked upon merely as just 'a price taker of gold', but also as a 'price settler' in the international market, because of its status as the largest importer of gold, as well as one of the most vibrant market places for the yellow metal," he told Tacy.

The committee will be comprised of 12 members, drawn from a range of different departments and also officials from the Reserve Bank of India, the Security Exchange Board of India, the Forward Market Commission, and a variety of industry representatives.

 

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