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बेसिक इंग्लिश का दूसरा सत्र (कक्षा प्रारंभ : 22 अक्तूबर, शाम 3:30 से 5:30)
'Gold Now' Platform for Gold Monetisation
Jul 07, 2015

The National Commodity and Derivatives Exchange (NCDEX) announced the launch of a national market for gold trading called Gold Now, the first of its kind in the country. The exchange’s move came close on the heels of the government releasing the draft gold monetisation scheme to tap gold held by domestic households to bring gold to the financial system on a sustainable basis and reduce imports to prevent its damaging impact on trade balance. People can deposit as little as 30 gram each and earn a tax-free interest on it once the scheme is put to effect.

Key Features

  • Apart from imported gold, the platform will accept domestic gold recycled in four exchange-approved refineries in the form of bars for sales and purchases, aimed at reducing the country’s dependence on imports. 

  • It will offer bullion in 1-kg and 100-gram forward contracts for six centres with daily delivery facility through the T+1 and T+2 settlement system.

  • The cities where delivery will be made available are Delhi, Mumbai, Ahmedabad, Kochi, Hyderabad and Chennai.

  • With the launch of Gold Now national marketplace, an ecosystem is created that is at par with international standards and which will help the bullion and jewellery industry improve its efficiencies.

  • Although high net-worth individuals can trade on the exchange’s platform, it seems aimed mostly at bullion traders and jewellers for now, and not ordinary households, as the minimum amount of gold contract is 100 gram. 

  • Gold in the form of jewellery isn’t acceptable.

♦ India, the world’s second-largest bullion consumer, imports as much as 800-1,000 tonne of the metal each year.
♦ The World Gold Council has estimated the stocks of gold lying with households at 22,000 tonne.

♦ Authorities had hardened a crackdown on gold imports, especially in 2013-14, after the current account deficit had hit a whopping 4.7% of the GDP in 2012-13.

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