Removed 1% Excise Duty On Branded Gold Coins Today

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Gold-Coins
Gold-Coins

The World Gold Council is the world class organization in the supply chain segment and the market for the growth and development of the gold industry that has different and unique vision into the world’s gold market, and emphasis on creating new possibilities and expected outcomes. Furthermore, with extensive study and analysis of the business along with exclusive strategies and tactics the gold organization provokes the gold’s demand in the country by increasing innovative uses of gold as well as brings fresh material to the market,moreover, giving decision makers unparalleled information and insight into the drivers of gold demand.

Gold-Coins
Gold-Coins

PR Somasundaram, MD of India World Gold Council elucidates, approximately 70 to 90  tons of gross gold coin market is estimated in India and out of this branded gold owns a very small part.The Government of India removed 1% of excise duty today which currently applicable on branded gold coins for the benefit of industry and consumers. In addition to this, he says this is an effective step and is beneficial to raise transparency in gold investments. When compared to jewelry, particularly gold coins are sold at a low margin of 4 to 6 %, although, he did not entertain the reporters for the comment on price impact as a result of this action.

According to the Titan persons, Titan is not excited and enthusiastic regarding today’s move and is of the view that cut down in the excise duty would not make any difference, Titan has less or more 10% of its sales in the coins sector among the other branded  companies. Additionally, when asked to consumers about the usefulness of investing in gold buyers are of the opinion that  gold is not the right place to invest your money.

As a matter of fact, the government makes it clear last week that there are no plans of imposing the restriction on domestic gold hoarding. After the declaration of Prime Minister Narendra Modi on November 8 to ban  Rs 500 and Rs 1000 banknotes to control black money and corruption from the country, it was expected that the further action might be imposed limits on gold holding as a number of people have converted their black money into the gold. Although, sources have denied any such action.

According to the press media, India is the second-biggest gold buyer all over the world and the annual demand of up to 1,000 tons is paid through the black money that is estimated one-third of its annual demand as the untaxed money kept in secret accounts by citizens of our country that are not accessible in any  official accounts.

What else to be delineated, China, India, UK and the US, are the largest markets and trading centers for gold, and the World Gold Council performs as a  commercial innovator and a trusted adviser to the business  undertaking.

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