Bullion association calls for trade bandh on March 10

MUMBAI,  MAR 1: The Indian Bullion Association has called for an all-India bullion trade bandh on March 10 to protest against various trade restrictive policies rolled out by the Government to meet the widening current account deficit.

Among the list of 10 major demands, the Association wants Government to immediately abolish the 20:80 scheme which ensures that traders place orders for new consignments of gold imports only after exporting 20 per cent of gold already imported.

This measure has led to a huge shortage of gold in the domestic market and the premium for gold booking by traders has jumped substantially.

The Association also wants the Government to crack down on gold smuggling and reduce the import duty on gold from 10 per cent to 2 per cent. It has demanded that the unnecessary harassment and seizure of gold by Government officials should stop with immediate effect.

Courtesy: The Hindu Business Line