Published on: October 27, 2022
Electronic gold receipts launched
buy modafinil spain The BSE has launched electronic gold receipt (EGR) on its platform, a move that will help in efficient and transparent price discovery of the yellow Metal.
- The Government of India too is increasingly using the InvIT route to monetise assets held by government entities, and bring in broad-based public shareholding
- It introduced two new products of 995 and 999 purity during the Muhurat trading on Diwali and trading will be in multiples of 1 gram and deliveries in multiples of 10 gram and 100 gram.
- The exchange received final approval from the SEBI for introducing EGR on its platform.
- EGRs will cater to all market participants, which means that buyers and sellers on the exchange will include individual investors, as well as commercial participants along the value chain like importers, banks, refiners, bullion traders, jewellery manufacturers and retailers.
- The launch of EGRs represents a significant for the global bullion industry.
- The EGR platform will lead to greater assurance in the quality of gold supplied, efficient price discovery, and transparency in transacting.
- India is the second largest consumer of gold globally with annual gold demand of approximately 800-900 tonne and holds an important position in the global markets.
- infuses transparency in gold spot transactions, enables India to emerge as the price setter, and would eliminate existing market inefficiencies.