Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

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72 PUBLIC SECTOR UNDERTAKINGS Public Sector Undertakings (PSU’s) are Indian Government enterprises. 4 are authorised to import gold bullion. • MMTC Limited • PEC Ltd • The HHEC of India Ltd • The State Trading Corporation of India Limited (STC) The gold-related activities of PSU’s are supervised by the Ministry of Commerce and Industry (not the Reserve Bank of India). Like banks, they import and wholesale bullion to large domestic dealers. Unlike banks, they can loan imported gold to domestic fabricators and retailers. They can also sell “unfixed” gold for a longer period, normally 11 calendar days. The PSU’s operate through 38 Gold Cell branches in 18 cities in 13 States. In 2001, they imported more than 100 tonnes. BACKGROUND Prior to the introduction of the OGL scheme in August 1997, nominated PSU’s had been allowed to import gold for specified purposes. HHEC has imported gold since 1982, MMTC (1989), STC (1997) and PEC (1998). Initially, HHEC and MMTC (alongside the State Bank of India) were permitted to import gold bars, but only for re-export as jewellery. In 1994, however, the role of MMTC was expanded. In April, when the Special Import Licence (SIL) scheme enabled authorised exporters to import part of their earnings in gold, MMTC was allowed to trade SIL’s and import bars to meet requirements. In November, when an amendment to the NRI scheme allowed NRI’s to purchase up to 5 kg of gold (subsequently raised to 10 kg in January 1997) within 15 days of their return to India, MMTC (and the State Bank of India) established bonded warehouses in Mumbai and New Delhi to service requirements. The warehouses were subsequently closed down in 1998 when NRI imports declined. In 1997, when authorised banks were allowed to import gold for sale in the domestic market, PSU’s were also permitted to do so. ADVANTAGES OF PSU’S As PSU’s are supervised by the Ministry of Commerce and Industry, they are able to offer gold-related services that banks do not. These services enable them to compete with banks that have the advantage of in-house access to favourable exchange rates, interest rates and bank charges. Notable PSU services include the following: Imported gold can be loaned in the domestic market. For the domestic market, banks can only loan gold accumulated through the Gold Deposit Scheme. PSU’s, however, have been able to use imported gold for this purpose since 1998. For example, MMTC loans substantial quantities, mainly to dealers for short periods (typically 30 days), against a bank guarantee of 110% of the value of gold loan. Annualised interest is around 6%. Currently, the annual cumulative total of loans exceeds 70 tonnes. Gold can be sold to domestic dealers on an “unfixed” price basis for a longer period. While banks are restricted to offering their customers a maximum unfixed period of 5 calendar days, PSU’s are able to offer an unfixed period of 11 calendar days, and sometimes more. USANCE letters of credit are available. Unlike banks, PSU’s are able to offer domestic dealers an opportunity to purchase gold on an unfixed price basis for up to 180 days through a deferred letter of credit. HHEC, PEC and STC offer this service. AN INTRODUCTION TO THE INDIAN GOLD MARKET
PUBLIC SECTOR UNDERTAKINGS BRANCHES The 4 PSU’s combined offer gold-related services through 38 branches in 18 cities. MMTC has 17 Gold Cells. STC, HHEC and PEC have 7 each. 40% of the branches are located in the South region. Region Gold Cells * Cities covered South 15 7 West 10 3 North 8 5 East 5 3 Total 38 18 * Excludes Gold Cells established in Haryana in 2002. SUMMARY OF GOLD CELL SERVICES Some PSU’s are more active than others. MMTC is the only PSU to loan gold to domestic market entities and jewellery exporters. Public Sector Gold Cell Gold Cell Bullion Letters Gold loans Gold loans Undertakings HQ branches wholesaling of Credit Domestic Exporters MMTC New Delhi 17 100 TT’s No Yes Yes HHEC New Delhi 7 200 TT’s 200 TT’s No No PEC New Delhi 7 100 TT’s 400 TT’s No No STC New Delhi 7 200 TT’s 200 TT’s No In planning MMTC, the largest PSU importer of gold bullion, has its headquarters in New Delhi. AN INTRODUCTION TO THE INDIAN GOLD MARKET 73
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AN INTRODUCTION TO THE INDIAN GOLD
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INDUSTRY SUPPORT MAJOR SPONSOR CORP
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PREFACE An Introduction to the Indi
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ACKNOWLEDGEMENTS GIR FIELDTRIPS GIR
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Raman Jethi Ramchand Popley Ramesh
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SUMMARY AND POSITIVE FINDINGS BACKG
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SUMMARY AND POSITIVE FINDINGS To ma
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SUMMARY AND POSITIVE FINDINGS The a
Page 23 and 24: SUMMARY AND POSITIVE FINDINGS POSIT
Page 25 and 26: SUMMARY AND POSITIVE FINDINGS INDUS
Page 27 and 28: ROLE OF INDIAN GOVERNMENT The India
Page 29 and 30: ROLE OF INDIAN GOVERNMENT The Depar
Page 31 and 32: ROLE OF INDIAN GOVERNMENT OFFICIAL
Page 33 and 34: ROLE OF INDIAN GOVERNMENT In summar
Page 35 and 36: ROLE OF INDIAN GOVERNMENT GOLD CONT
Page 37 and 38: ROLE OF INDIAN GOVERNMENT LICENSED
Page 39 and 40: MAP OF INDIA There are 28 States, 6
Page 41 and 42: POPULATION URBAN AND RURAL State Mi
Page 43 and 44: POPULATION HOUSEHOLDS - SPLIT BY SO
Page 45 and 46: ECONOMIC INDICES STATES - INDICATIV
Page 47 and 48: AGRICULTURE VALUE OF AGRICULTURAL O
Page 49 and 50: AGRICULTURE MAJOR CROPS - NORMAL AR
Page 51 and 52: MONSOONS PERFORMANCE OF SOUTH WEST
Page 53 and 54: IMPORTED GOLD BARS The 10 tola bar
Page 55 and 56: IMPORTED GOLD BARS 10 TOLA BARS AGR
Page 57 and 58: IMPORTED GOLD BARS GOLD WEIGHT CONV
Page 59 and 60: The fine gold content of a London G
Page 61 and 62: BULLION IMPORTERS UNOFFICIAL IMPORT
Page 63 and 64: BANKS IMPORTED BULLION PRODUCTS Ban
Page 65 and 66: WHOLESALING TO DOMESTIC BULLION DEA
Page 67 and 68: BANKS BACKGROUND INFORMATION ON BAN
Page 69 and 70: BANKS GOLD CELL BRANCHES Region/Sta
Page 71 and 72: GOLD DEPOSIT SCHEME DISTRIBUTION Th
Page 73: GOLD DEPOSIT SCHEME The State Bank
Page 77 and 78: Region/State City MMTC HHEC STC PEC
Page 79 and 80: NON-RESIDENT INDIAN (NRI) GOLD IMPO
Page 81 and 82: BULLION DEALERS A secondary tier bu
Page 83 and 84: GOLD REFINERS SMALL REFINERS There
Page 85 and 86: COIN FABRICATORS Corporate gifts Al
Page 87 and 88: COIN FABRICATORS A bullion dealer t
Page 89 and 90: BAR HOARDING Some trade entities in
Page 91 and 92: BULK DELIVERY OF OFFICIAL GOLD IMPO
Page 93 and 94: BULK DELIVERY OF OFFICIAL GOLD IMPO
Page 95 and 96: PERSPECTIVE INDIA The gold jeweller
Page 97 and 98: GOLD JEWELLERY PRODUCTS Handmade je
Page 99 and 100: REGIONAL JEWELLERY STYLES KOLKATA K
Page 101 and 102: REGIONAL JEWELLERY STYLES AHMEDABAD
Page 103 and 104: REGIONAL JEWELLERY STYLES SWAMI JEW
Page 105 and 106: JEWELLERY FABRICATORS All centres,
Page 107 and 108: JEWELLERY FABRICATORS JEWELLERY WHO
Page 109 and 110: TRADITIONAL JEWELLERY RETAILERS Sta
Page 111 and 112: TRADITIONAL JEWELLERY RETAILERS Coi
Page 113 and 114: TRADITIONAL JEWELLERY RETAILERS ANT
Page 115 and 116: TRADITIONAL JEWELLERY RETAILERS Man
Page 117 and 118: ADORNMENT DIMENSION Gold jewellery
Page 119 and 120: GOLD JEWELLERY CONSUMERS MARRIAGES
Page 121 and 122: GOLD JEWELLERY CONSUMERS Among larg
Page 123 and 124: GOLD JEWELLERY CONSUMERS RURAL VERS
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GOLD JEWELLERY CONSUMERS Gold jewel
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GOLD JEWELLERY CONSUMERS INDICATIVE
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LUNAR CALENDAR Mumbai (Maharashtra)
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BRANDED JEWELLERY RETAIL CHAINS DIS
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Region/State Gili Tanishq Carbon In
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HALLMARKS In accordance with BIS pr
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HALLMARKING Most jewellery in the W
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SOURCES OF GOLD BULLION Jewellery e
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Location US dollars in millions % S
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Plain gold jewellery Location US$ m
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INDUSTRIAL GOLD USAGE Since the rep
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INDUSTRIAL GOLD USAGE IMITATION GOL
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MUMBAI GOLD PRICES Indian gold pric
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MUMBAI GOLD PRICES INDICATIVE DIFFE
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MONTHLY 2000 - 2001 2000 MUMBAI LON
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PRICING AND PROFITABILITY Bank impo
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Recycling of old gold scrap and bar
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JEWELLERY WHOLESALERS Jewellery who
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Hallmarking charges The few hundred
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PRICING AND PROFITABILITY MINTED CO
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GOLD MINING AND EXPLORATION For 36
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Year Tonnes Year Tonnes 1970 3.241
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GOLD SUPPLY AND DEMAND Movements in
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GOLD SUPPLY AND DEMAND The trade at
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For the domestic market 1990 - 2001
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GOLD SUPPLY AND DEMAND INDICATIVE G
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GOLD SUPPLY AND DEMAND INDICATIVE A
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WORLD GOLD COUNCIL The World Gold C
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WORLD GOLD COUNCIL TRADITIONAL GOLD
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WORLD GOLD COUNCIL LOCAL FESTIVALS
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WORLD GOLD COUNCIL YOUNGER GENERATI
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Indian Overseas Bank Precious Metal
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REFINERS AND COIN FABRICATORS WEST
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BIBLIOGRAPHY Agricultural Statistic
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ABOUT GRENDON INTERNATIONAL RESEARC
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