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Wednesday, 20th October 2004 (3877 views)

MMTC has announced it has witnessed strong growth in its gold handling business since rules were changed in February.<BR/><BR/>Under new rules bullion traders are now allowed to directly import the precious metal, whereas in the past only 17 designated agencies were allowed to be used.<BR/><BR/>Sanjiv Batra, director of marketing in MMTC told the Indo Asian News Service: "Despite expectations that the bullion traders would opt to source gold on their own, MMTC continues to play a big role in import of the precious metal. We currently have 25 percent market share in India."<BR/><BR/>India's overall imports during the last six months have reached 330 tonnes and MMTC expects its gold sourcing to double during the fiscal year.<BR/><BR/>It is thought bullion traders still go to MMTC since it offers payment flexibility and is trustworthy.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=3663533"/>

 

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