India to introduce gold deposit accounts

NEW DELHI: India will introduce gold deposit accounts to utilise the 20,000 tonnes available within the country and launch a sovereign bond as an alternative to buying the metal, moves that are likely to cut imports into the biggest gold consumer.

Finance Minister Arun Jaitley however did not make any mention of cutting the 10 percent import duty in his speech on Saturday unveiling the budget for the next fiscal year starting April 1.