Indian Gold Book:Indian Gold Book - Gold Bars Worldwide
Indian Gold Book:Indian Gold Book - Gold Bars Worldwide
Indian Gold Book:Indian Gold Book - Gold Bars Worldwide
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ROLE OF INDIAN GOVERNMENT<br />
The Department of Economic Affairs formulates and monitors many of the country’s economic policies and programmes<br />
at the macro level. The Banking Division, concerned with the functioning of the <strong>Indian</strong> banking system, has an interest in<br />
the gold-related activities of banks.<br />
The India Government Mint, Mumbai falls under the administrative control of the Ministry of Finance. The Mint refines<br />
gold and fabricates gold bars and medallions.<br />
RESERVE BANK OF INDIA<br />
The Reserve Bank of India (RBI), established as a private institution in 1935 under the RBI Act of 1934, was nationalised in<br />
1949 under the Banking Regulation Act 1949. It acts as India’s monetary authority, regulator and supervisor of the<br />
financial system, manager of exchange control and the issuer of currency. It has 22 regional offices, most in State capitals.<br />
Three Departments have a specific interest in gold.<br />
Department of External Investments and Operations. Monitors official gold reserves, and co-ordinates the twiceyearly<br />
meetings of the Standing Committee on <strong>Gold</strong>.<br />
Exchange Control Department. Involved in all matters relating to foreign exchange.<br />
Department of Banking Operations and Development (DBOD). Authorises and monitors those banks (Public Sector,<br />
Private Sector and Foreign Banks) that import gold bullion and participate in the <strong>Gold</strong> Deposit Scheme.<br />
Public Sector Banks - the Government has a major shareholding - that are active in gold include Allahabad Bank, Bank of<br />
India, Corporation Bank, <strong>Indian</strong> Overseas Bank, Punjab National Bank and State Bank of India.<br />
The Standing Committee on <strong>Gold</strong> and Precious Metals in the RBI advises the RBI and the Government on national<br />
gold policy. The committee, established in 1992, includes representatives of the Ministry of Finance and the Ministry of<br />
Commerce and Industry.<br />
Historically, the RBI was directly responsible for licensing and regulating all official gold imports. Since 1992, however, when<br />
the Foreign Exchange Regulation Act 1973 was amended, gold import and export policies now fall under the purview of the<br />
national EXIM (Export/Import) Policy.<br />
MINISTRY OF COMMERCE AND INDUSTRY<br />
The Ministry of Commerce and Industry comprises the Department of Commerce, Department of Supply and Department of<br />
Industrial Policy and Promotion.<br />
The Department of Commerce, which includes the Directorate General of Foreign Trade, is responsible for policy and<br />
regulations relating to the import and export of gold under the overall EXIM (Export/Import) Policy. It controls the Special<br />
Economic Zones (SEZ) and Export Processing Zones (EPZ) where much gold jewellery for export is fabricated. It also<br />
supervises the Gem & Jewellery Export Promotion Council (GJEPC).<br />
Public Sector Undertakings (PSU’s), autonomous bodies that engage in gold-related activities and fall under the<br />
administrative control of the Department of Commerce, are MMTC Limited, The State Trading Corporation of India Ltd (STC)<br />
and PEC Limited. The Handlooms and Handicrafts Exports Corporation of India Ltd (HHEC) is another PSU active in gold,<br />
but falls under the Ministry of Textiles.<br />
The Ministry’s Directorate of Commercial Intelligence and Statistics in Kolkata co-ordinates the collection of import<br />
statistics, including gold.<br />
MINISTRY OF CONSUMER AFFAIRS, FOOD AND DISTRIBUTION<br />
The Bureau of <strong>Indian</strong> Standards (BIS) falls under the administrative control of the Department of Consumer Affairs. It<br />
launched the BIS Certification Scheme for Hallmarking of <strong>Gold</strong> Jewellery in April 2000. It authorises independent<br />
entities to act as Assaying and Hallmarking Centres, and jewellers to use these centres as Certified Jewellers.<br />
MINISTRY OF COAL AND MINES<br />
The <strong>Indian</strong> Bureau of Mines (IBM) falls under the administrative control of the Department of Mines. The liberalised<br />
National Mineral Policy, initiated in 1993, encourages exploration and the mining of gold by private enterprises.<br />
AN INTRODUCTION TO THE INDIAN GOLD MARKET 27