Thursday, July 4, 2013

Commodity Market turnover decreased by CTT

Commodity exchanges turnover is falling steadily. Whereas, in the currency market turnover has risen strongly. In April last year the domestic forex market turnover was around Rs 25500 crore. Rs 41,000 crore in February this year has increased.

The 42,000 crore till May and in June, just one month later, i.e. average daily turnover in the forex market is Rs 62,000 crore. From February to June this year just in terms of turnover in the forex market is 50 per cent. The turnover of commodity exchanges in the steep decline of 40 per cent.

It is believed that in February Commodity Transaction Tax (CTT) announced the turnover of commodity exchanges is falling steadily since. In July, the CTT is applied, since the pressure has come on turnover of commodity exchanges.

Analysts believe that Jobbers especially small - smaller deals tend to target, rather than commodity currency markets are attract. In the currency market is likely to see an increase in business.

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