Finance Minister Arun Jaitley on Thursday said the government would formulate a comprehensive Gold Policy to develop the precious metal as an asset class.
The government had been planning to formulate a Gold Policy for long to set standard norms in the industry.
"The government will also establish a system of consumer friendly and trade efficient system of regulated gold exchanges in the country," Jaitley said while announcing the Union Budget 2018-19.
Talking about the government's Gold Monetisation Scheme, he said it would be revamped to enable people to open a hassle-free Gold Deposit Account.
"The government's announcement that it will formulate a comprehensive gold policy to establish gold as an asset class is ground-breaking," said Somasundaram PR, Managing Director, India, World Gold Council.
"The establishment of regulated gold exchanges is exceptionally positive towards making gold a mainstream national value-added asset. A stable policy environment and a fair and effective trading market will bring much needed transparency and stability," he added.