Page 5 - Bullion World Volume 4 Issue 3 March 2024_Neat
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Bullion World | Volume 4 | Issue 3 | March 2024






























                                                               plans  to  grow  the  gold  loan  market  bigger  in  the
                                                               years to come. Therefore, processes and procedures
             EDITORIAL                                         followed by lenders must be transparent, consistent

                                                               and  customer-centric.  RBI’s  actions  therefore  are
                                                               timely and would ensure lenders revalidate the
             India-UAE CEPA has been very favourable for silver   processes.
             imports into India, especially since February 2023,
             when the customs duty on silver was raised. In the   Bullion World extends a warm welcome to Mr Sachin
             first two months of 2024, silver imports through the   Jain, the new Regional CEO - India at the World Gold
             CEPA route via IIBX has seen a significant increase.   Council.  Mr  Sachin  Jain's  deep  knowledge  of  the
             In January, India imported 158.94 metric tons (MT)   Indian consumer and jewellery markets, along with
             of silver grain, and in February, the number jumped   his ability to turn strategies into actions, will be of
             to 493.60 MT, all through IIBX. In the first 4 days of   great  value  in  the  World  Gold  Council's  efforts  to
             March, about 93.30 MT have been imported. That's a   build  trust  in  gold  and  the  gold  industry.  We  also
             total of 745.84 MT so far. All the silver grain has come   take this opportunity to record our deepest gratitude
             through  the  CEPA  route.  During  the  same  period,   to Mr P R Somasundaram for his yeomen service to
             silver bullion imports into India were 867 MT. Silver   the gold industry as the former Regional CEO-India
             grains suit jewellery and silverware manufacturers. In   of the World Gold Council.
             the coming years, silver grain imports may grow to
             50% of total silver imports into India.           This edition of Bullion World features highlights of
                                                               two  well-known  events:  the  IGPC-IIMA  conference
             The Reserve Bank of India (RBI) has restricted a large   and  the  Mining  Indaba  2024.  Mr  Ajay  Srivastava,
             Mumbai-based  NBFC,  preventing  it  from  giving   founder,  GTRI,  discusses  India's  FTA  negotiations
             out  new  gold  loans.  RBI  has  pointed  out  several   with Peru with reference to gold.  The Kolhapur Saraf
             violations  by  the  NBFC  including  non-adherence   Vyapari Association  has also  shared an overview
             of loan to value norms while lending, pay-out and   of  their  association.  A  coverage  on  Uzbekistan,
             pay-in up to Rs. 200,000 in cash, and inconsistency in   Kazakhstan,  Kyrgyzstan  gold  mining  and  an  article
             auction processes and procedures. Loan against gold   on Bitcoin ETFs v/s Gold ETF’s features in this month's
             is a safe business model for lenders. The organised   edition.
             gold loan market is estimated at Rs. 500,000 crores
             of which the share of NBFCs is about 20%. RBI has   Best wishes,
                                                               G Srivatsava
                                                               Editor


           We would be happy to receive your comments and feedback on the content of this edition,
           please write to editor@bullionworld.in



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