Gold and silver prices are expected to become cheaper ahead of the wedding season after finance minister Nirmala Sitharaman announced a cut in import duty to 10.75 percent.
The Union Budget brought with it a whole host of other changes as well for the bullion markets. The Securities Exchange Board of India (SEBI) will now be the regulator for gold exchange. The move, which may take a year to implement, is expected to put India in a position to set its own gold prices.
The ministry of finance also revamped the gold monetisation scheme in a bid to revitalise the markets.
To understand how these measures will affect the bullion market and will they have their intended impact, CNBC-TV18’s Manisha Gupta spoke Chirag Sheth, Senior Research Consultant at Metals Focus and PR Somasundaram, MD-India at World Gold Council.
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