Online trading of Indian Gold delivery bar is likely to start from June 2009 end. At present, only imported gold bars certified by the London Bullion Exchange Market Association are being traded.
The Technical committee of the Indian Bullion market based in Ahmedabad detailed terms & conditions.
According to the conditions, a refiner should have the minimum capacity of recycling 5 tonnes per annum for Gold and 20 tonnes for silver. Its initial net worth should be at least Rs. 1 Crore.
The recycled Gold of licensed refiners can be traded on the National Spot exchange from 10 am to 11:30 pm (Whole the day). A registered trader can buy gold in demat or physical form fro the exchange. Initially gold would be traded in the denominations of 8 gm, 10 gm and 100 gm and 1 kg.
India is the largest consumer of gold in the world. The country imports 500-700 tonnes of gold annually. Even though, India is the largest importer of Gold, India lacks efficient National Bullion Market.
At present, the Gold trading is in physical form which is highly un organized sector.
According to estimates, millions of households of in the country have in their possession 25,000 tonnes of gold in the form of jewellery.
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