Bullion Dealers Gold

Under this gold will be imported at a duty lower than applicable to refineries

IIBX has the potential to ease the hassle involved in importing precious metals

The exchange at the international financial services centre (IFSC) will be an additional option for trade for global market participants, says Budget 2020.

The rupee's weakness against the dollar, however increased cost of imports, pushing consumers from buying gold unless necessary.

More than 50 leading bullion dealers of the country spread across 17 states have decided to deal in gold by banking channels only and not have any dealing in unaccounted money.For this purpose, they came together and formed the Bullion Federation of India last month. On Tuesday, they will make a representation to the Ministry of Finance.A spokesperson of the federation said in the past five to six months, when gold import had nose-dived for various reasons, smuggling was high, compared to official imports. According to estimates, in the past few months, 60 per cent gold entered unofficially in the country. Dealers, claim one of the official, account for more than half of India's official gold imports. They place orders with banks and nominated agencies who import gold on their behalf. "The intension behind pledge to sell gold only using banking channels like RTGS or cheque etc is to expose those dealing with cash. There is no other way to expose them," said the spokesperson of the asso