New Delhi:A separate private company has been set up with effect from April 1.
A corporate structure will help WGC take up activities on a larger scale in the Indian market including entering into commercial arrangements with banks and gold industry players in the coming years, it is learnt.
Legally, the setting up of a corporate structure will help remove the disadvantages of operating as a liaison office.
As a liaison office, WGC could only promote the existence of parent entity and not any individual products of any Indian entity.
Currently, Reserve Bank of India norms forbid a liaison office set up in India from entering into any commercial activity in the country.
The liaison office will have to maintain itself from remittances received from abroad through the normal banking channel.
WGC had in 2011 signed a memorandum of understanding with India Post for promotion of gold medallion across India through the postal network.
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