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Budget 2022| Gold industry looks for bullion bank, tax-breaks on selling old gold and withdrawal of CTT

Nearly decade-long demand to increase the metal’s volumes in the futures market makes an appearance this time too.

January 31, 2022 / 02:31 PM IST
With designated bullion banks, industry stakeholders such as refiners and jewellers are put through a lot of inconvenience in banking.

With designated bullion banks, industry stakeholders such as refiners and jewellers are put through a lot of inconvenience in banking.

Setting up of a bullion bank, and tax breaks on income from the sale of old gold and on earnings from sovereign-gold bonds are some of the budget expectations from Augmont Gold For All.

Nearly ten-year-old demand from the industry, for the elimination of Commodity Transaction Tax (CTT), has also been included.  

Augmont Gold for All is an Indian refining-to-retail platform, which is NABL- and BIS-accredited and a member of the India Gold Delivery standard on NSE, BSE and MCX.

Currently, there are no designated bullion banks in the country. The entire business transaction of the gold industry with the bank needs to be done through the bullion bank,” said Renisha Chainani, head of research at Augmont.