The home portfolio of Bihar, which Chief Minister Nitish Kumar kept with himself all through his nearly 20-year-long tenure, has been given to his deputy, BJP leader Samrat Chowdhury, this time, according to an official notification issued on Friday.
Janata Dal-United supremo Nitish Kumar is set to be sworn-in as Bihar chief minister for a record 10th time on Thursday, days after the National Democratic Alliance secured a landslide victory in the assembly elections.
The trigger for international gold prices rising to $3,000 per ounce was Germany's upcoming heavy government borrowing.
'The design of the logo of this competition is a symbol of the rich cultural heritage and all-round progress of glorious Bihar.'
Thanks to an ambiguous law on the import of platinum alloys, some bullion importers are making big profits. A handful of them are importing refined gold cloaked as platinum alloy. Gold attracts 15 per cent import duty, as opposed to platinum alloy that invites a duty of 10.75 per cent. Industry sources say this is a case of mis-declaration and duty violation.
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.
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.
While players like Paytm, MobiKwik, and PhonePe allow you to buy gold for Rs 1, Amazon Pay has kept the minimum amount at Rs 5. Digital gold is essentially an avenue for investing in physical gold.
India Bullion and Jewellers Association said, self-certification of coins by refineries contravenes the basic purpose of a certifying agency.
As gold prices turn prohibitive, traders fear a drop of as much as 50% in sales over the previous season.
The industry body has issued two advisories in an attempt to restore jewellers credibility in the wake of the Rs 12,000-crore PNB-Nirav Modi scam, and recent defaults by two domestic jewellers - Goodwin and Rasiklal.
The minister asked jewellers not to recover transaction charges for use of debit or credit cards from customers.
The yellow metal now trades at a 0.5 per cent premium over its landed cost, compared to a 4 per cent discount in mid-September because jewellers have voluntarily withdrawn the display of cash price from their website.
Now, in many cases, they give no old jewellery but the bills they get show gold as provided by them, the jeweller's making charge and the GST on that.
The Bill provides comprehensive legislation to prohibit unregulated deposits, with punishment for those promoting such schemes or defaulting on repayment.
Uncertainties like the bankruptcies bill, rising non-performing accounts at banks and political uncertainty are expected to drive gold demand higher in India.
Jewellers sold huge quantities of precious ornaments at a premium of up to 50%.
The coins can have the face and names of the owner embossed on them.
Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low
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.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
While the gold policy covers every aspect, from sourcing gold to trading and investing in it, experts assert that the policy is incomplete if mining of gold in India isn't promoted.
BSE proposes two models for making gold trading and investment transparent
Gold is seen as a preferred asset for all types of investors, even central banks.
Veterans recall they haven't seen gold falling for 3 years in a row.
The spotlight is back on the hawala trade in diamonds.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
Steps such as safeguard duty in the works to plug the route
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
Cashi Crisis: Day 9: Aaj ki Taaza Khabar!
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