Page 30 - Bullion World Volume 02 Issue 08 September 2022
P. 30
Bullion World | Volume 2 | Issue 09 | September 2022
STRATEGIC PARTNER
Regulatory News
Premature redemption under Gold
Monetisation Scheme payable only in
rupees: RBI
Je w ellery
Jewellery
News DUBAI
ws
Ne
The Reserve Bank said premature redemption PRECIOUS
under the Gold Monetisation Scheme will be India Gold Jewellery Exports
payable in rupees, while on maturity the depositor Recorded Upward Trend
may choose to opt for physical gold. The Gold METALS
Monetisation Scheme (GMS) was launched in According to the Gems and Jewellery Export
November 2015 with an aim to mobilise gold held Promotion Council (GJEPC), the exports of
by households and institutions and facilitate its plain gold jewellery gained traction in India ever CONFERENCE
use for productive purposes, and in the long run, since the India-UAE Comprehensive Economic
reduce the countries on imports of the yellow Partnership Agreement (CEPA) came into force
metal. in May 2022. 2022
"The redemption of principal at maturity shall, at The gross export of plain gold jewellery were
the option of the depositor, be either in Indian valued at $325.59 million in July this year,
Rupee equivalent of the value of deposited gold compared with $280.02 million recorded in the
at the time of redemption, or in gold," said an RBI same month a year before. Meantime, the overall 21 - 22 NOVEMBER
circular modifying the scheme. gem and jewellery exports witnessed a marginal
dip by 7.28% in dollar terms to $3,129.91 million.
However, any premature redemption of Medium
and Long Term Government Deposit (MLTGD) For the period from April to July 2022, provisional
would be only in Indian rupee, it added. gross export of plain gold jewellery recorded THE FUTURE OF TRADE
growth of 22.98% in dollar terms to $1,321.68
As per the scheme, the Medium Term million. This compares with $1,074.67 million IN PRECIOUS METALS
Government Deposit (MTGD) can be made for for the same period in 2021. The overall gross
5-7 years and Long Term Government Deposit exports witnessed a growth of 5.63% from Register now for the pre-eminent
(LTGD) for 12-15 years or for such a period as $12,655.55 million in April-July’21 to $13,367.91
may be decided by the Centre from time to time. million in the same period this year. annual gathering for the industry
The circular further said banks should seek the
option of collecting maturing proceeds in gold or Colin Shah, Chairman, GJEPC noted that it
in Indian Rupee equivalent from the depositor at hoped to see successful completion of similar
the time of initial deposit. free trade agreements (FTAs) with the UK and
Canada soon, which in turn will further boost gold
The GMS is implemented through banks. jewellery exports from India. The next few months
will be a crucial period for exporters, he added.
Source: https://economictimes.indiatimes.com
Source: https://www.scrapmonster.com
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