Industry and experts have been demanding for their spot gold exchange in India for a long time. In the Union Budget of 2018-19, Finance Minister Nirmala Sitharaman also announced this. In the budget of 2021-22, it was announced to make SEBI its regulator. Right now, SEBI has released its new proposal.
Gold exchange will be started soon in India. If you put it in simple words, gold can be bought and sold just like stocks. The stock market regulator SEBI (SEBI-Securities and Exchange Board of India) has issued new proposals regarding this. SEBI has sought opinion from everyone on the new proposals till June 18. Experts say that the steps taken to set up the gold exchange are much better. It is expected that this will give strength to India’s gold market. With this, our import bill can also be seen a little decrease. With the advent of exchange it will be easier to trade in physical gold. Jewelers can become part of the exchange and can also transfer gold. Common investors and customers will also be benefited from this.
What will be the name of gold exchange
Gold exchange will be like the stock market. Trading can also be done like shares. Also, there will be physical delivery of gold i.e. gold can also be purchased. SEBI has stated in the draft proposals that the name of the new gold exchange will be Electronic Gold Receipt.
What is gold exchange
Asif Iqbal, head of research, Escort Security, told TV9 , that the Gold Exchange functions to a large extent like the Stock Exchange.
In this, people place orders for the purchase and sale of gold. After this, gold is delivered to the buyers. For example, after the purchase of shares in the stock market, its demat account is shifted.
In exactly the same way, gold is passed on to the buyer. If the investors want, they can also decide not to take physical delivery and later sell it at a profit.
What are the places of gold exchange in the world right now
Let us tell you that gold exchange is present in many countries of the world. Gold is traded here in large quantities. Shanghai in China, London in Hong Kong and UK, New York in the US are the world’s most famous gold exchanges.
What will the common man benefit from the formation of a gold exchange?
Asif says that India is the second largest consumer and importer country in the world. In such a situation, there will be many benefits from the formation of a gold exchange. For example, at the Spot Gold Exchange, there will be a sale and purchase of gold at all times. With this, the correct prices of gold will be known.
Because in India, prices are different in every city right now. Also, these prices are decided by the gold jewelers. The value of gold will be known from the trade on the Gold Exchange of India, it can be known as the ‘India Gold Price’.
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