1. Prof. Arvind Sahay, Chairperson
"Mapping Gold Policy- Present to Future"
Prof. Arvind Sahay, Chairperson
3 August 2018

2. GOLD POLICY FRAMEWORK AND ITS PILLARS
Financialisation
Gold as an asset class
Minimize CAD Issues
Value addition to economy
Gold Monetisation Scheme and Savings Schemes
Refining, Jewelry Making and Trade
India Good Delivery Standards
Banking and Bullion Banking
Spot Exchange
GOLD POLICY LANDSCAPE

3. SUPPLIES DEMAND IMPORT DOMESTIC GOLD
Bullion
Dore
LGD
Scrap
GMS
Collateral
Scrap
Mine
ACCREDITED BANKS / NOMINATED AGENCY / REFINER
MEMBERS OF THE EXCHANGE
SPOT EXCHANGE (ONLY ACCREDITED BARS)
DEMAND
REFINED BARS
AIF/ETF
BULLION TRADER
BANKS
JEWELLERS
INDUSTRIAL
EXPORTERS (Duty free)
MEDALLIONS
DEMAND
JEWELLERY
REPLENISH FROM EXCHANGE
AIF / MF / ETF / RETAIL INVESTOR
BUY PHYSICAL GOLD
LEASED TO JEWELLER
ALLOCATED
CUSTODIAN BANK
LEND TO BANKS BANKS HEDGE (DOMESTIC / OVERSEAS)
UNALLOCATED
Storage cost
No storage cost
SOLD OUTRIGHT
JEWELLERS
SOURCE
UNALLOCATED GOLD
RECYCLED GOLD
GML (IMPORTED / GMS)
OUTRIGHT (IMPORTED / GMS)
GMS
BIPATRIATE AGREEMENT WITH BANKS. CUSTOMERS BUYGOLD BACKED PRODUCTS FROM BANKS
CUSTOMER REDEEMS AS JEWELLERY
SPOT EXCHANGE / BANK/ NA

4. Although gold and silver are not by nature money,
Although gold and silver are not by nature money,
money is by nature gold and silver- Karl Marx
India Gold Policy Centre
Indian Institute of Management
Vastrapur, Ahmedabad , Gujarat, India
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India Gold Policy Centre is funded by World Gold Council