One gold one rate scheme will run soon in the country, dream will come true due to bullion exchange

With the opening of the bullion exchange, the path to launch the One Nation One Gold Rate scheme has become easier. With the opening of the bullion exchange, jewelers and banks will import gold only at international rates, so that there will be no difference in gold prices.

The road to implementation of ‘One Gold One Rate Scheme’ has become easier in the country.

Thanks to the International Bullion Exchange, in the country One Gold One Rate Scheme The possibilities of implementing (one gold one rate scheme) have started gaining momentum. With the opening of the bullion exchange, jewelers will now have the facility to buy gold at international prices and they will not have to pay any transportation charges. The price of gold changes in different states only due to the levy of transportation charges. You will not see any discrimination in the purchase of gold because soon this problem is going to go away. Thanks to the International Bullion Exchange, the prospects of implementing the One Gold One Rate scheme in the country have started gaining momentum.

Now let us understand the matter completely. The demand for implementing One Gold One Rate scheme in the country is old. This is because the same gold is sold at a different rate in Agra, then at a different price in Bhopal. From Tamil Nadu to Jammu and Kashmir, you will see the difference in the price of gold while the gold remains the same. The measure of purity is also the same. This is because the port where the gold is imported and landed, is sent from there to different states. The price of gold changes after the shipping cost etc. is added. However, the price of gold remains the same at the time of import. The Government of India has been considering One Gold One Rate for a long time to eliminate the difference in price. Now this idea seems to be successful.

Wave of happiness in jewelers

With the opening of the bullion exchange, there is a wave of happiness among jewelers as they will now get the facility to buy gold at international prices and they will not have to pay any transportation charges. The price of gold changes in different states only due to the levy of transportation charges. Jewelers believe that the opening of the bullion exchange has made the path of launching the One Nation One Gold Rate scheme easier. With the opening of the bullion exchange, jewelers and banks will import gold only at international rates, so that there will be no difference in gold prices.

Jewelers will get these benefits

Notably, GIFT City of Bullion Exchange is close to ports and hence it is expected that Indian jewelers will save around Rs 10 crore per year on freight traffic in the initial phase. However, the exchange is currently open for gold and silver and base metals may also be available on the exchange in future. Importing gold directly through the spot exchange will be beneficial for the big jewelers and will save good money on margin payments by participating in the exchange. For every 100 tonnes of gold imported through the exchange, jewelers can save up to $5 million in foreign exchange by using the exchange platform instead of buying the metal from banks.

Will help in saving foreign exchange

On the other hand, with the help of the exchange, India is ready to save billions of dollars in foreign exchange in the coming years. Bullion Exchange is the first such transparent platform where jewelers can place direct bids for import of physical gold. 64 jewelers participated in the initiation of the bullion exchange. In GIFT City, 446 tonnes of gold and 2,580 tonnes of silver can be deposited in the IIBX.

Now let us also know the import of gold in India. In the financial year 2012, India imported 837 tonnes of gold. Considering the expected cost savings from exchange trading, this translates into a savings of $41 million. Here initially, IIBX is expected to capture 40% of the metal imports in the country.

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