From 2 % in 2012 to 10% now the import duty was levied to curb current account defecit which narrowed down to 2.5 percent of GDP in 2019 . We expect the duty to be cut by 4 to 5 % . This will help eradicate grey market and help organised players.
The much talked about spot gold exchange , bullion bank which were proposed in the earlier budget must be finalized with regards to its structure , regulations and operational methods.
On the retail front with approaching festive season some concrete steps are required to boost jewellery purchases. The banks treat loans on jewellery purchase as personal loans . What is required is concessional rates for such loans or allowing EMI schemes which will boost purchases . In retail sales the bank transaction and credit card transaction charges should be done away with to boost digital payments. Such charges make Jewellery more dearer .
We expect the budget to give offer fresh push to gold schemes by launching various gold monetisation and saving products like gold savings account and gold insurance . We also expect implementation of mandatory gold hallmarking in interest of customers.
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