Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
Meanwhile, retail jewellery sales in India have declined by 50 per cent since gold price started its uptrend nearly two weeks. Buyers deferred their fresh purchase amid expectations of a correction in gold prices from the current high level.
A substantial fluctuation is likely because for a long period gold has moved in a narrow range of $ 50-60 and at higher levels short positions were built.
If hallmarking data are anything to go by, the proportion of spurious jewellery in the country might have shrunk significantly in the past five years.
Jewellery stores remained deserted as buyers deferred their non-essential purchases awaiting softness in gold prices.
At an average national price of Rs 90 a kg in the retail market, it shows a jump by 20% in the last two months.
Farmers in Maharashtra, Gujarat, Karnataka, Tamil Nadu and Telangana anticipate a sharp decline in vegetable output this year, due to sustained declines in the water table after consecutive years of below-average rain. Prices of vegetables are expected to stay high for the next four to six weeks.
First, the industry is hoping for brisk business, as, according to projections there will be normal monsoon. Secondly, it is relieved at the fall in import of cheap umbrellas from China which had dented the domestic market for several years.
The fear of price rise gained momentum after reports surfaced that the NAFED procured 50,000 tonnes of onion this season.
NITI Aayog has been working on an action plan to relieve rural distress and energise the agricultural sector
Fund houses have been barred from being net sellers or holding net short positions at the scheme level in commodities.
State's move is seen as a pilot for a national rollout of online land title records. Maharashtra plans to start the system in Mumbai.
Large stocks were ruined in transit due to thunderstorm and rainfalls in the north and the north-east states, resulting in fewer kilos of potatoes at mandis.
What do the fluctuating gold-silver price ratio portend?
While NSE is exploring 8-10 new agri-commodities, BSE is eyeing as many as 15, most of which aren't traded on any other online derivative exchange in India.
Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
A strengthening rupee following a sharp surge in the inflow of foreign money from investors and "illegal imports" were among some of the reasons for the fall.
Jewellers initially feared the ban applied on them, too. However, after discontinuing their monthly schemes for almost two weeks, they've started accepting deposits again.
Indian central bank may soon edge out its counterpart in the Netherlands from the top-10 list, as latter's holding has largely remained unchanged.
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