Rajesh Bhayani

All stories by Rajesh Bhayani

Crypto industry sees exits ahead of new tax regime

Crypto industry sees exits ahead of new tax regime

Rediff.com4 Apr 2022

With days to go before the new tax regime around crypto assets kicks in, several investors are reportedly either booking profits, rejigging their portfolios or moving their crypto assets to their private wallets outside of India. Starting April, gains from trading in crypto and other virtual assets like non-fungible tokens (NFTs) will be taxed at a flat 30 per cent, as announced in the Union Budget. And, 1 per cent of tax will be deducted at source (TDS) on every transaction involving crypto and other virtual assets. The new tax regime also bars investors from offsetting losses from one crypto asset (such as Bitcoin) against gains from another (say, Ethereum).

No gold rush: Safe-haven asset feels the March heat

No gold rush: Safe-haven asset feels the March heat

Rediff.com17 Mar 2022

Gold is usually seen as a safe-haven when stocks are falling or when inflation is rising. With prices of the yellow metal hovering near record highs, people are also putting off their jewellery purchases. Along with a subdued marriage season, the orders with price open and settled on delivery day, too, are getting cancelled. Apart from high, volatile prices, there is no gold rush yet for the safe-haven asset, crimping demand.

Gold jewellers see best Dhanteras in three years

Gold jewellers see best Dhanteras in three years

Rediff.com3 Nov 2021

Dhanteras has cheered up jewellers as it has turned out to be the best in three years, thanks to the lower price of the yellow metal and pent-up demand. In Mumbai's Zaveri bazaar, buyers came in out force and jewellers did not have to depend on freebies to induce sales, even though all of them had announced some offers. In fact, more discounts were announced for diamond and studded jewellery.

NSE blockchain platform for gold a game changer

NSE blockchain platform for gold a game changer

Rediff.com25 Oct 2021

In a first for India, bullion derivatives contracts will be settled on a blockchain platform. This will help in global acceptance of gold refined by Indian bullion refineries, giving a fillip to the local industry, exports, as well as investments. From November 1, the National Stock Exchange (NSE) will accept gold delivery only on the blockchain platform.

RBI buys record gold this year: At 700 tonnes, reserves up 27% in 2 years

RBI buys record gold this year: At 700 tonnes, reserves up 27% in 2 years

Rediff.com19 Aug 2021

The Reserve Bank of India (RBI) has increased its gold purchases, as part of its foreign exchange (forex) reserves. In the first half (H1) of calendar year 2021 (CY21), the addition of gold to India's forex reserves has been the highest - on a half-yearly basis -at 29 tonnes. Now, the RBI's gold holding - as a proportion of its forex reserves - has for the first time crossed 700 tonnes.

Govt mays block IP addresses of cryptocurrency exchanges

Govt mays block IP addresses of cryptocurrency exchanges

Rediff.com30 Mar 2021

The government is considering blocking internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening, said a source in the know. Two months ago, the government had said it intended to bring a Bill to ban private cryptocurrencies and introduce India's own digital currency in line with what China and other countries had done. This move is part of that. The government had also proposed to promote technology like blockchain. Industry, however, says banning decentralised currencies like bitcoin and ethereum is not possible.

Indians flocking to bitcoin after Elon Musk's backing

Indians flocking to bitcoin after Elon Musk's backing

Rediff.com17 Feb 2021

Bitcoin has been on fire ever since Musk announced that Tesla had bought $1.5 billion of the cryptocurrency, and that his electric-vehicle company would accept bitcoin from buyers.

How Indian banks are looking to cash in on bitcoin rally

How Indian banks are looking to cash in on bitcoin rally

Rediff.com23 Dec 2020

Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.

Fall in gold price opens up window for investors

Fall in gold price opens up window for investors

Rediff.com7 Oct 2020

Experts recommend buying gold as the fundamentals supporting a rally have not changed.

Gold rises to lifetime high even as profit-taking looms

Gold rises to lifetime high even as profit-taking looms

Rediff.com30 Jul 2020

Any shift in investor sentiment may result in speculators fleeing the gold market, driving its price down sharply, quickly. One significant risk for gold is a near-term reversal in the dollar, which recently fell to a two-year low.

As demand shrinks, gold import likely to fall to 17-year low

As demand shrinks, gold import likely to fall to 17-year low

Rediff.com21 Jul 2020

Those interested in investing in gold have shifted to instruments, such as sovereign gold bonds and gold ETFs. Many others are, in fact, selling gold or using it as collateral to generate short-term liquidity.

At Rs 52,195/kg silver turns most expensive since Sep 2013

At Rs 52,195/kg silver turns most expensive since Sep 2013

Rediff.com17 Jul 2020

The all-time high price of silver is Rs 75,000 a kg, recorded in April 2011.

Sovereign gold bond sale in May highest since launch

Sovereign gold bond sale in May highest since launch

Rediff.com28 May 2020

The government has sold SGBs worth Rs 1,990 crore in April and May alone.

Silver likely to outperform gold

Silver likely to outperform gold

Rediff.com22 May 2020

Silver has been quoting at a premium in India since mid-March because of huge scarcity.

Why govt is keen to buy your gold

Why govt is keen to buy your gold

Rediff.com21 May 2020

It plans to use it as collateral, along with forex reserves, to print currency.

Gold up 1.7% in Mumbai as north India opens jewellery stores

Gold up 1.7% in Mumbai as north India opens jewellery stores

Rediff.com19 May 2020

Gold and silver became costlier in the country following the international price rise over the expectations of negative interest rates in the US, the rising trade tensions between the US and China and the weakening of the rupee.

Akshaya Tritiya was never so dull for jewellers

Akshaya Tritiya was never so dull for jewellers

Rediff.com27 Apr 2020

Industry estimates over 30 tonnes of gold were sold on Akshaya Tritiya this time.

Gold import lowest in 10 years, March saw huge plunge

Gold import lowest in 10 years, March saw huge plunge

Rediff.com1 Apr 2020

The month of March could be worst in many years, with imports estimated only around 18 tonnes amid the coronavirus pandemic and the nationwide lockdown, said an industry player. The import in March 2019 was 72.5 tonnes, according to the GFMS data.

Coronavirus: Essential goods market faces labour shortage

Coronavirus: Essential goods market faces labour shortage

Rediff.com24 Mar 2020

Nilesh Veera, director of APMC said, complained that availability of workers is a big problem. They have asked the government to provide enough sanitizers, masks, etc, for worker safety, to call them back. There has been no reply.

Gold takes a beating, falls by Rs 3000 in a week

Gold takes a beating, falls by Rs 3000 in a week

Rediff.com14 Mar 2020

Gold price in Mumbai's physical market on Friday fell 31.1 per cent or Rs 1,351 to close at Rs 41,848 per 10 gramme. Friday's fall in per cent terms is worst after November 2015 and, in absolute terms, the worst after August 2013. Silver prices fell Rs 2,255 to close 5 per cent lower at Rs 43,085 per kg on Friday.

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