bullion industry
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Bullion Industry
Prithviraj KothariRiddiSiddhi Bullions Ltd.
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Importance of Bullion
Savings & Investment medium for majority ofIndians Rural and Urban
Over Rs 30,00,000 crores ($650bn) in savings
Annual turnover of over Rs. 300,000 crores
All physical gold and silver trades changearound three hands
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My query to commodity exchanges
Which commodity contributes to themaximum revenue to your exchange? How
much percentage of overall revenue?
What have you done for development ofparticipants from this industry?
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Commodity Exchanges
Lions share of revenue from gold and silver
Only commodities to have smooth deliverymechanisms
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Employment
Jewellery Industry is one of the most important
labour intensive industry which has survived
Jeweller / Bullion dealer is one of best
paymasters in smaller towns
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International
LBMA daily clearing volumes for
Gold - $18.8 bn
Silver- $ 2.03 bn
Gold investments have always been flight tosafety
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My query to the Reserve Bank
What returns do you get from your foreign
exchange reserves?
Where do you place gold and silver in your
investment portfolio?
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RBI Forex Reserve
Increase share of Bullion in Reserve
Be active in Managing Gold Reserve
Silver to get a fair share in Reserve
Minimum share of bullion in Reserves:
Gold 5% (600 tonnes)Silver 1% (7500 tonnes)
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Use of Reserve
Bullion Stock with Custodian
Use as Base Stock for Trade
Increase share of world Speculative Trade
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My query to the BBA
Is gold an untouchable commodity? Why is
gold and silver discriminated in imports andexports despite being Gods own currency?
What efforts has BBA put in towards solving
this?
What efforts have you put in towards solving
infrastructure in the Zaveri Bazaar?
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Bullion Imports and Exports
Free Imports of Gold and Silver
Exports of Gold & Silver
Refund of duty levied & other taxes levied
Or duty free entitlements
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Supply to SEZs
Bullion supply to SEZs
Entitlement for Duty Drawback Benefits
Refund of all Local Taxes
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Silver Reforms
Allow forward bookings through banks and
International Exchanges
Encourage Silver loans
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My query to All banks
Why is it that there is no financing against
security of gold?
Why dont bullion dealers qualify for gold and
silver loans?
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Finance
Removal of Ban on Financing against Gold
Establish acceptable Financing (Banking)
norms for Gold and Silver
Encourage Collective Savings
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Infrastructure
Assayers
Refiners
Custodians
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CAUTION
Old Evil
Gold & Silver smugglingRemoved through reforms and easy imports
Present Evil
Gold & Silver Futures / Forward trade ..
-- need reforms to control
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How do we take it up?
The organizers, the associations and the
exchanges should together meet theregulators atleast once every year after theconclusion of this convention to make surethat we just dont end up
only presenting and talking
. but acting on the same.