State Bank of India to enter gold sale in Tamil Nadu (578).

Our Bureau

COIMBATORE, April 11

STATE Bank of India plans to enter the gold sale business in Tamil Nadu following the lowering of sales tax on bullion sales - to 0.5 per cent - and abolition of turnover tax by the State Government. Speaking to newspersons, Mr. K.E. Mukunda Rajan, Deputy General Manager and Circle Credit Officer, SBI (Local Head Office (LHO), Chennai, said that the bank would garner about Rs. 300-350 crores in the first year through sales in Chennai and Coimbatore.

Initially, the sale would be made to jewellery merchants through its designated branches in the two cities. In the first phase, gold would be sold only to bulk consumers, …