Not to be confused with the moves the Reserve Bank of India and the Indian government have made this year, list below.
India, the world's biggest buyer of gold, doubled margins on trading in gold futures effective Monday in a bid to tackle volatility after local prices of the metal rose by nearly a fifth this month to hit a record high.
The move is not related to India's numerous other measures to dampen buying of physical gold as the nation grapples with a widening current-account deficit and a tumbling rupee currency. India imports almost all of its gold.
But it is seen denting participation in futures trade and hurting the Multi Commodity Exchange (MCX), the country's biggest commodities trading bourse, which garners significant revenue from precious metals.
The Forward Markets Commission (FMC), which regulates the commodity futures market, hiked initial margin to 5 percent from 4 percent earlier, and also imposed an additional 5 percent margin on gold, silver and crude oil futures contracts from Monday.And from ZeroHedge the list of steps the Gov. and the RBI have taken:
"It will have an impact on volumes and participation. Due to high cost or margins, a trader would take only one lot compared to two lots earlier," said Haresh Galipelli, vice-president with Inditrade Derivatives and Commodities....MORE
...The full list:
- Jan 21 - The government raises the gold import duty by 2% to 6%.
- Jan 22 - The government more than doubles the duty on raw gold to 5%.
- Jan 30 - Finance Minister P. Chidambaram says there are no plans for additional taxes or curbs on gold imports.
- Feb 1 - The Reserve Bank of India (RBI) plans to introduce three or four gold-linked products in the next few months.
- Feb 6 - The RBI says it would consider imposing value and quantity restrictions on gold imports by banks.
- Feb 14 - The central bank relaxes rules on gold deposit schemes offered by banks by allowing lenders to offer the products with shorter maturities.
- Feb 20 - The Trade Ministry recommends suspending cheaper gold jewellery imports from Thailand.
- Feb 28 - India keeps its gold import duty unchanged in its annual national budget, defying industry expectations.
- Feb 28 - India proposes a transaction tax of 0.01% on nonagricultural futures contracts, including for precious metals.
- March 1 - The Finance Minister appeals to people not to buy so much gold.
- March 18 - The Reserve Bank of India says it is examining banks that sell gold coins and wealth management products to identify "systemic issues", with a view to closing any legal loopholes.
- April 2 - The Finance Ministry suggests it is unlikely to raise the import tax on gold further to avoid smuggling and would instead introduce inflation-indexed instruments.
- May 3 - The RBI restricts the import of gold on a consignment basis by banks.
- June 3 - The Finance Minister says India cannot afford high levels of gold imports and may review its import policy.
- June 5 - India hikes the gold import duty by a third, to 8%.
- June 21 - Reliance Capital halts gold sales and investments in its gold-backed funds.
- June 24 - India's biggest jewellers' association asks members to stop selling gold bars and coins, about 35% of their business.
- July 10 - India's jewellers announce they might continue a voluntary ban on sales of gold coins and bars for six months.
- July 22 - The RBI moves to tighten gold imports again, making them dependent on export volumes, but offers relief to domestic sellers by lifting restrictions on credit deals.
- July 31 - India hopes to contain gold imports well below the 845 tonnes that were shipped last year, the Finance Minister says.
- Aug 13 - India hikes the import duty on gold for a third time in 2013, to 10%. Duties for silver and platinum are also increased to 10%. The customs duty on gold ore bars, ore, and concentrate are increased to 8% from 6%.
- Aug 14 - India turns the screws on gold buying again, banning imports of coins and medallions and making domestic buyers pay cash.