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As it stated in Indian gold imports will drop back sharply after jumping in the first quarter, the World Gold Council said on Wednesday as the launch of a new tax regime and restrictions on refiners' ability to import gold dore take their toll. Full-year imports will be little changed from 2016's 524 tonnes, gold industry-funded WGC's managing director for India Somasundaram PR said. You may like to watch:The volume of dore imports as a proportion of overall shipments is likely to fall further, he added. The Indian government has implemented a series of measures in recent years to cut gold imports in order to reduce the trade deficit and increase the mobilisation of gold within India, as well as making the sector more transparent. In addition to the impact of the tax, imports of unrefined gold, or dore, will be restricted by new rules that ban refineries which are not regulated by the Bureau of Indian Standards (BIS) from importing gold, Somasundaram said.
As it stated in
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collected by :Jack Luxor
As it stated in Indian gold imports will drop back sharply after jumping in the first quarter, the World Gold Council said on Wednesday as the launch of a new tax regime and restrictions on refiners' ability to import gold dore take their toll. Full-year imports will be little changed from 2016's 524 tonnes, gold industry-funded WGC's managing director for India Somasundaram PR said. You may like to watch:The volume of dore imports as a proportion of overall shipments is likely to fall further, he added. The Indian government has implemented a series of measures in recent years to cut gold imports in order to reduce the trade deficit and increase the mobilisation of gold within India, as well as making the sector more transparent. In addition to the impact of the tax, imports of unrefined gold, or dore, will be restricted by new rules that ban refineries which are not regulated by the Bureau of Indian Standards (BIS) from importing gold, Somasundaram said.
As it stated in
PayTM sold 40 kg gold through Digital Gold product in 2 months
A total of 40 kgs of gold were bought in the last couple of months through Digital Gold product, launched by PayTM, a senior company official said. More than 1,000 users have bought digital gold totalling about one kilogram by 9am on Tuesday, Harshit Pande, MMTC India's business development and strategy head, said. On buying digital gold on Paytm, he said the customer would be able to buy gold online and store it in MMTC-PAMP's vaults free of charge. The product, launched in partnership with MMTC-PAMP, has received wide appreciation from the people and have bought Digital gold from as many as 4,000 pincodes, Krishna Hegde, PayTM senior vice-president, told reporters in Coimbatore. With mobile wallet user base of over 220 million, the company was hoping that at least 40 to 50% of the customers would use its Digital Gold account to buy, store and sell gold within a short span of time, he said.read more visit us gold
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