Indian government official floats idea of national gold exchange


Are the LBMA and the Comex not good enough for India too?

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By A. Ananthalakshmi and Rajendra Jadhav
December 2, 2015

A senior Indian government official this week floated the idea of setting up a national gold exchange to overhaul physical trade in the world's second-biggest bullion market.

Such a platform could provide transparency and establish a price benchmark in the market, though some in the industry said more changes were needed before such a plan might work.

"This is just an idea. Can we think of a gold exchange where there can be transparent trading? A platform where those who have surplus gold can sell it to those in requirement?," Shaktikanta Das, the economic affairs secretary at the finance ministry, was quoted as saying in local media on Tuesday.

Das has asked the industry to come up with a concrete proposal for an exchange, according to reports. ...

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