NSE targets 300 tonnes of digital gold to cut imports
In short
NSE is targeting 300 tonnes of digital gold and wants investors to move away from physical gold, according to a CNBC TV18 Market summary. It says electronic gold receipts have so far been made only from recycled gold inside India.
What the reporting says
NSE is targeting 300 tonnes of digital gold as it encourages investors to shift from physical gold to regulated digital gold, according to a CNBC TV18 Market summary citing NSE CBDO Sriram Krishnan. The exchange said EGRs have so far been created entirely from domestic recycled gold. The goal is to reduce India’s gold imports and eventually help the country become a global price setter in bullion.
Why it matters
NSE is targeting 300 tonnes of digital gold and is pushing investors toward regulated digital gold, according to a CNBC TV18 Market summary citing its CBDO. The exchange said electronic gold receipts have so far been created entirely from domestic recycled gold. NSE says the shift could reduce India’s gold import dependence and, over time, help the country become a global bullion price setter.