India's government has proposed a new legislative initiative that will make a more open mining of diamonds and gold, and at the same time reduce dependence on imports of raw materials, says the Gulf Times.
The report quoted publications Balvindera Kumar (Balvinder Kumar) from the Ministry of Mines, who noted that the changes to the mining law in India will be presented by the end of this month.
It is expected that the Indian authorities will conduct auctions of about 50 licenses for exploration of diamond and gold deposits in the current financial year against the backdrop of new legislative initiatives.
"We would like to companies in the private sector have invested in the mining of diamonds and gold in this segment requires a major investment." - adds Kumar.
It is expected that due to the new policy on mining in India, the time for obtaining permits will be reduced, and receive royalties throughout the mine life cycle is guaranteed. "If companies can not find the deposit, we will reimburse them for all losses on exploration," - said Kumar.
In India, produced 14 out of 15 of all diamonds in the world. In addition, this country is almost on par with China in terms of gold consumption. However, long-term licensing periods, bureaucratic red tape and difficulties in obtaining land scare away potential investors in exploration in the country.
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The results of the first week of the scheme of sovereign gold bonds proposed by the Indian authorities turned out to be very moderate, the Reserve Bank of India reports. The scheme, which will close on November 20, will allow investors to purchase the equivalent of 2 to 500 grams of gold.
Bankers say that in any issue, as a rule, investors wait until the last before fixing profits. In addition, in small centers, where clients' access to banks is limited, awareness of the new scheme is rather low. Gold bonds, meanwhile, are sold through banks and post offices.
The purpose of the scheme is to provide an alternative investment option for those Indians who buy physical gold as an investment asset. In addition, the demand for jewelry and gold for investment has led to, That the annual consumption of gold in India is very high.
The proceeds from the sale of these bonds are part of government borrowings. According to sources, the Reserve Bank, a loan manager, monitors transactions on bonds. Last week, their volume amounted to only $ 1.21 million. Of this amount, $ 0.98 million falls on banks, and $ 0.2 million falls on post offices.
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