The cryptocurrency industry on Wednesday urged the government to take a nuanced approach towards regulating crypto assets in India and asked investors in the country to remain calm and not arrive at a rushed conclusion, a day after the government listed for introduction a Bill to ban all such cryptocurrencies, with some exceptions.
'Allocate some parts of one's surplus income towards cryptocurrencies, considering the immense growth potential of this emerging asset class.'
As of June, the gross NPA of nationalised banks was 3.89 per cent and State Bank Group at 5.50 per cent.
Global growth should have a large impact on the poor, says World Bank.
The Reserve Bank of India on Thursday said banknotes in circulation witnessed higher than average increase during 2020-21, on account of precautionary holding of cash by people due to the COVID-19 pandemic, and its prolonged continuance. The value and volume of banknotes in circulation increased by 16.8 per cent and 7.2 per cent, respectively, during 2020-21, as against an increase of 14.7 per cent and 6.6 per cent, respectively, witnessed during 2019-20, said the RBI annual report. In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 85.7 per cent of the total value of banknotes in circulation as on March 31, 2021, as against 83.4 per cent as on March 31, 2020.
In July alone, 2.5 tonnes of gold coins were imported so far from South Korea under zero-duty facility
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
Finance Minister had announced the scheme in the Union Budget.
Look at gold bonds or gold monetisation scheme instead of buying physical gold
Brand India's societal divisions and distortions have remained as much relevant in 'liberal' America and Europe as it still is in the structurally stratified Indian society of the 21st century, observes N Sathiya Moorthy.
Global gold demand has seen a year-on-year decline of 8 per cent during the April-June period to 948.4 tonnes and going ahead further monetary tightening and continued dollar strength may pose headwinds, says a report. According to the WGC Gold Demand Trends Q2 2022 report, the total gold demand during the second quarter of 2021 stood at 1,031.8 tonnes. The year-on-year demand was affected by increase in gold electronic traded funds (ETFs) outflow, decline in Central banks buying and lower demand from the technology segment, the report said.
Sounding a note of caution, former Reserve Bank Governor Raghuram Rajan has said that India is "dangerously close" to the Hindu rate of growth in view of subdued private sector investment, high interest rates and slowing global growth. Rajan said that sequential slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO) last month, was worrying. Hindu rate of growth is a term describing low Indian economic growth rates from the 1950s to the 1980s, which averaged around 4 per cent.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
Don't forget to wash your hands with soap and water before washing fruits and vegetables.
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Chests are select branches of banks authorised by RBI for distribution of notes and coins.
The demand for gold has bounced back sharply in India from the lows seen in 2020 because of the outbreak of the Covid-19 pandemic, and has even beaten the pre-pandemic level. In the September quarter, the demand for gold jumped 47 per cent year-on-year (YoY) to 139.1 tonnes, as against 94.6 tonnes in the year-ago period, and higher than the 123.9 tonnes recorded in the pre-pandemic September 2019 quarter, the World Gold Council (WGC) said in its latest release. In value terms, demand surged 37 per cent year-on-year (YoY) to Rs 59,330 crore during the quarter.
On poll eve, both the BJP and the Congress claimed they were headed towards a majority and would form the government.
By driving a hard bargain with Russia in procuring crude oil at the lowest price possible, India is furthering the policy of G7 and Washington is "comfortable" with New Delhi over its approach in addressing issues relating to energy security, a top Biden administration official said.
'So far we have paid our salaries and pension in full because we had some reserve fund.' 'But we cannot afford to do so for more than another three months.'
India's gold demand declined 18 per cent to 135.5 tonnes in the first three months of this year, mainly due to a sharp rise in prices, according to the World Gold Council (WGC). The demand stood at 165.8 tonnes in the first three months of 2021. In terms of value, gold demand dropped 12 per cent to Rs 61,550 crore in the January-March period. It stood at Rs 69,720 crore in the year-ago period, the 'Gold Demand Trends Q1 2022' report released by the WGC said.
Seems it is time that like 10 paise coin and 'chawanni' (25 paise coin) and that good old one rupee note, your friendly 10 rupee note may soon become history!
"There are clearly two sides. On one side, there is an organisation of patriots in the form of BJP and on the other side, tukde-tukde gang have come together under the leadership of the Congress. It is for the people of Karnataka to decide now whether they are with the patriots or those who support people who want to divide this country," he added.
Gold prices may trade higher in the coming days because of weaker dollar and speculations of US Fed rate cut.
It's five months after 8/11. But this is not the first time that India's currency of the time faced the axe. The Mughals, after invading a territory, would effect the demonetisation of the local currency with the aim to cripple the economy of the land.
The defence minister also took an indirect dig at Gandhi for "doubting" the government's intention in the handling of the border row with China and said politics can not be done on the basis of "falsehood".
'India should start leveraging rather than banning crypto.'
Gold deposited by households to gold savings accounts will be used for auctioning, replenishment of RBI's gold reserves.
Banks can also allow the depositors to deposit their gold directly with the refiners.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
Last week, the country's leading exchange, Zebpay, launched trading in Litecoin, which is the eighth-largest cryptocurrency, following rising demand from Indian investors.
The RBI has issued guidelines and the government has notified it.
For the second straight year, the gems and jewellery industry is set for almost a washout of business on Akshaya Tritiya as only about 10 per cent of pre-Covid sales of 2019 are expected on Friday amid the raging pandemic sapping footfalls and purchasing power of people.
'Any entrepreneur who wants to create companies on blockchain will have to move outside India.' 'A ban will also wipe out the entire asset investing class that has built up in India.'
Unlike the race to buy airwaves by telecom companies, airports by infrastructure companies and city gas networks by energy companies, the race to develop super apps by consumer-facing companies in India has not brushed up against any regulatory issues. Officials at the ministry of electronics and information technology and at other regulators are happy they do not have to meddle in who among the Tata group, Reliance Industries Ltd, Flipkart or Paytm will manage to build an app that sweeps in customers. Unlike separate apps a customer uses on her mobile to order groceries, buy food or airline tickets or just make payments, a super app can perform all these functions.
Conversion into jewellery during redemption would entail 15-20% wastage and making charges, rendering the scheme inefficient
In India 24-carat gold is used mostly in coins and bars
Silver also rose 0.8 per cent to $16.63 an ounce.
Experts disagree with the idea and the Reserve Bank of India (RBI), which has the sole right to print money, is not comfortable with it as well.
The Congress fielded Channi from two seats -- Chamkaur Sahib in Rupnagar and Bhadaur in Barnala, a move which showed how much the Congress was banking on him. He lost both, and the party received a drubbing from the AAP.
From its March 2020 low, Bitcoin has gained a massive 474 per cent and has surged 214 per cent year-to-date.
