Page 5 - Bullion World Volume 4 Issue 3 March 2024

Bullion World | Volume 4 | Issue 3 | March 2024

plans to grow the gold loan market bigger in the
years to come. Therefore, processes and procedures
EDITORIAL followed by lenders must be transparent, consistent

and customer-centric. RBI’s actions therefore are
timely and would ensure lenders revalidate the
India-UAE CEPA has been very favourable for silver processes.
imports into India, especially since February 2023,
when the customs duty on silver was raised. In the Bullion World extends a warm welcome to Mr Sachin
first two months of 2024, silver imports through the Jain, the new Regional CEO - India at the World Gold
CEPA route via IIBX has seen a significant increase. Council. Mr Sachin Jain's deep knowledge of the
In January, India imported 158.94 metric tons (MT) Indian consumer and jewellery markets, along with
of silver grain, and in February, the number jumped his ability to turn strategies into actions, will be of
to 493.60 MT, all through IIBX. In the first 4 days of great value in the World Gold Council's efforts to
March, about 93.30 MT have been imported. That's a build trust in gold and the gold industry. We also
total of 745.84 MT so far. All the silver grain has come take this opportunity to record our deepest gratitude
through the CEPA route. During the same period, to Mr P R Somasundaram for his yeomen service to
silver bullion imports into India were 867 MT. Silver the gold industry as the former Regional CEO-India
grains suit jewellery and silverware manufacturers. In of the World Gold Council.
the coming years, silver grain imports may grow to
50% of total silver imports into India. This edition of Bullion World features highlights of
two well-known events: the IGPC-IIMA conference
The Reserve Bank of India (RBI) has restricted a large and the Mining Indaba 2024. Mr Ajay Srivastava,
Mumbai-based NBFC, preventing it from giving founder, GTRI, discusses India's FTA negotiations
out new gold loans. RBI has pointed out several with Peru with reference to gold. The Kolhapur Saraf
violations by the NBFC including non-adherence Vyapari Association has also shared an overview
of loan to value norms while lending, pay-out and of their association. A coverage on Uzbekistan,
pay-in up to Rs. 200,000 in cash, and inconsistency in Kazakhstan, Kyrgyzstan gold mining and an article
auction processes and procedures. Loan against gold on Bitcoin ETFs v/s Gold ETF’s features in this month's
is a safe business model for lenders. The organised edition.
gold loan market is estimated at Rs. 500,000 crores
of which the share of NBFCs is about 20%. RBI has Best wishes,
G Srivatsava
Editor

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please write to editor@bullionworld.in

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