electronic gold receipt

India holds one of the world’s largest privately owned stocks of gold. Bullion exchanges can be a strong pillar to invite that gold sitting idle in cupboards.

Leading stock exchange BSE has launched electronic gold receipt (EGR) on its platform, a move that will help in efficient and transparent price discovery of the yellow metal. It introduced two new products of 995 and 999 purity during the Muhurat trading on Diwali and trading will be in multiples of 1 gram and deliveries in multiples of 10 gram and 100 gram, the exchange said in a statement.

Budget 2023 has incentivised the conversion of physical gold to electronic gold receipt (EGR) and vice versa which will be excluded from the purview of capital gain tax.

Investors can now trade in gold similar to shares with the launch of electronic gold receipts (EGR) by leading stock exchange BSE.

Sebi's board on Tuesday cleared a proposal for setting up a gold exchange wherein the yellow metal will be traded in the form of electronic gold receipts and the bourse will help in having a transparent domestic spot price discovery mechanism.

Markets regulator Sebi has published a consultation paper for allowing either launch of dedicated exchanges or platforms within existing bourses to trade only in gold. While the trading will be in electronic receipts of gold, the delivery would be in physical form in various parts of India, the paper proposed.

In a move to modernize foreign exchange operations, the Reserve Bank of India is looking to provide authorized entities with greater latitude. This includes new hedging strategies, improved balance sheet management techniques, and the facilitation of market-making roles.

This comes after the board of Sebi cleared a proposal in September for setting up a gold exchange, wherein the yellow metal will be traded in the form of electronic gold receipts and the bourse will help in having a transparent domestic spot price discovery mechanism.

India’s lab-grown diamonds (LGDs) have tweaked the tag line ‘A Diamond Is Forever’ to ‘A Diamond Is For Everyone’ with the Budget axing the 5% custom duty (CD) on diamond seeds and making it zero. An LGD solitaire, which is 90% cheaper than a natural diamond, will cost even less.

Capital markets regulator Sebi on Monday came out with a framework for operationalising the gold exchange, wherein the yellow metal will be traded in the form of electronic gold receipts (EGRs).

The price of gold rose more than 1% as Finance Minister Nirmala Sitharaman announced that the basic customs duty on articles and items made from gold bars will be hiked in the Union Budget 2023.

The Deccan Gymkhana police on Wednesday arrested a 30-year-old man for allegedly attempting to purchase a gold chain from a jewellery shop on Karve Road by submitting fake receipts of transactions made through electronic funds transfer.