The NITI Aayog committee formed for the purpose has made a presentation to the Department of Economic Affairs and is believed to have suggested bringing the import duty on gold to zero, from the current 10 percent.
NITI Aayog is in talks with the finance ministry to formulate a comprehensive gold policy.
The NITI Aayog committee formed for the purpose under the chairmanship of Ratan Watal has made a presentation to the Department of Economic Affairs and is believed to have suggested bringing the import duty on gold to zero, from the current 10 percent.
The committee wants the government to constitute a Gold board of India under the finance ministry, which will be vested with powers to create policies for gold in the future.
The board, it was suggested, could also be given powers to tweak existing policies like sovereign gold bond schemes or gold deposit schemes. The committee said that this board would help such schemes take off on the ground more effectively.
One suggestion was to allow a bullion exchange where people can directly trade, buy and sell gold, the way they do in the security form. The committee recommended a reduction of GST from 3 percent to 1 percent and also suggested the reclassification of gold imports, to reduce current account deficit.The NITI Aayog has asked for gold and other jewellery to be included in the MEIS scheme to boost exports. However, this is still under active discussion and any potential move will only be seen in the Budget session.