Page 7 - Bullion World Volume 03 Issue 6 June 2023

Bullion World | Volume 3 | Issue 6 | June 2023

EDITORIAL

THE WORLD’S MOST

CONSIDERATE PRECIOUS METALS Dear Readers,
®

The Reserve Bank of India (RBI), on May 19, 2023, announced
the withdrawal of INR 2,000 currency notes from circulation.
It gave the public time till 30th September to deposit such
notes into their bank accounts or exchange them at any bank
(subject to a cap of INR 20,000 per transaction). This is a part
of the “Clean Note Policy” of the RBI. Although there were
initial apprehensions, there was no panic this time around
among the public. No surge in gold buying was seen. The
digital public infrastructure (DPI) of the government of India,
including UPI, has revolutionised payment systems in India.
The current move by RBI is in continuation of the overall
reforms, and hence, it augurs well for the country.

Malabar Gold and Diamonds, one of the largest jewellery retailers in India, has become the first
jewellery group to obtain a Tariff Rate Quota (TRQ) license from the Director General of Foreign Trade
(DGFT), under which they can import gold through India International Bullion Exchange (IIBX). It is a
good development for IIBX.

Swarna Adarsh Abhiyaan is an adaptation of the Retail Gold Investment Principles (RGIP) initiative
of the World Gold Council for India. In an exclusive interview, Mr Mike Oswin, global head of market
infrastructure and innovation at WGC, provides the latest update on the programme. The compulsory
hallmarking of gold jewellery initiative of the government of India is the largest initiative of its kind
anywhere in the world in quality and traceability. Mr James Jose, who has been associated with this
initiative and head of the Federation of Hallmarking Association, elaborates on the programme’s
achievements. IFSCA’s Head of the precious metals department, Mr Kamlesh Sharma, articulates
IFSCA’s role in facilitating the development of international financial services centres in India and
provides an update on IIBX. An abstract of an interview with Mr Juan Carlos Artigas, head of research
at WGC, details factors that drive gold prices. Finally, this edition also contains the Part-2 of the
highlights of the India Silver Conference. Hope you enjoy the selection.

The much-anticipated three-day Asia Pacific Precious Metals Conference (APPMC) 2023 will commence
on June 4, 2023. APPMC is an exclusive platform for APAC precious metals markets and would discuss
issues around government policies, reforms, technology, and markets. Look forward to seeing you all
there.

Do you have an interesting story pertaining to precious metals. Do write to us. Also, if you have any
suggestions and feedback on Bullion World, please write to editor@bullionworld.in

Learn more Best wishes,
abcbullion.com/considerate G Srivatsava

Editor

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