GREATER NOIDA, May 21 -- The Uttar Pradesh tax department on Wednesday urged gold and bullion traders in Gautam Budh Nagar to discourage unnecessary investment in gold bars and biscuits and promote exchange-based jewellery purchases instead, officials said.

The appeal was made during a meeting chaired by additional commissioner of state tax Sandeep Bhagia at the district headquarters auditorium in Surajpur, Greater Noida, and participated by representatives of jewellery associations, bullion traders and senior administrative and police officials, they added.

The move came amid concerns over rising gold imports and pressure on India's foreign exchange reserves. Officials said discussions focused on the impact of increasing gold imports o...