Recognising gold as an asset class is a welcome step by the government, said Mrugank Paranjape, MD of MCX
“Everything that we have seen from the government, in terms of policy, especially in the commodity markets, encourages us to do more in this market,” he said.
In an interview to CNBC-TV18, , Mohit Kamboj, President of IBJA, Prithiviraj Kothari, Riddhi Siddhi Bullion, Shivanshu Mehta, Head-Bullion at MCX, Surendra Mehta, National Secretary at IBJA, and Amit Suman, Head-Trading at MMTC Pamp spoke about the growth outlook for the gold industry. They also discussed the various opportunities and challenges faced by the industry.
Paranjape further added that the introduction of Goods and Services Tax (GST) has enabled them to make multiple delivery centers. “Very soon MCX will be enabling at least a couple of more delivery centers for its gold contract.”
In the Budget, on the gold options, anybody exercising their options, the tax impact is almost gone and Paranjape believes it to be a big positive.
Mohit Kamboj of IBJA said the NDA government has been very positive with the gems and jewellery industry. “In 2018, what we were demanding from couple of years, gold spot, gold board, council, they have started recognising the demands of the industry,” he said.