The World Gold Council Established Local Unit in India

Jun 4, 2013 11:39 IST

The World Gold Council established its complete local unit in India with the full-fledged corporate structure. As of now, the World Gold Council was operating in India as the liaison office only.

This corporate structure will help the World Gold Council in taking up the activities on much larger scale in Indian markets. This will help the World Gold Council in entering in the commercial arrangements with major gold industry players as well as the banks. As of now, as the liaison office, World Gold Council was able only to promote existence of its parent company. It was not able to promote the individual products of the Indian entity.

At present, the Reserve Bank of India forbids any liaison office established in India to enter into commercial activity of any kind in India.

In the year 2011, the World Gold Council had signed a memorandum of understanding with India Post in order to promote gold medallion in India through postal network. At that time, World Gold Council had also agreed to get involved in promotional as well as advertising activities for the sale of gold medallions through India Post.

The World Gold Council is actually the non-profit organisation of leading gold mining companies of the world. It was established back in 1987 for promotion of use of gold. The aim of World Gold Council is to stimulate gold demand from investors, consumers and industry.

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Read more Current Affairs on: World Gold Council , World Gold Council in India

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