Supply through recycling of used gold declined to around 10 tonnes in the second quarter of the current calendar year.
Finance Minister Arun Jaitley's decision to cut arbitrage may ensure that the standards of purity of the refined gold in the Indian market meet the global benchmark
Only three or four tonnes is estimated to have been mobilised under the scheme.
Prices have remained lower this year.
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.
India Bullion and Jewellers Association said, self-certification of coins by refineries contravenes the basic purpose of a certifying agency.
The options include involving jewellers as collection centres, addressing of issues that banks have been facing and using domestically available gold for giving metal loans to jewellers for domestic sales.
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.
Conversion into jewellery during redemption would entail 15-20% wastage and making charges, rendering the scheme inefficient
India's annual gold consumption is about 800-900 tonnes, of which about 750 tonnes is imported. However, in 3-5 years, domestic refineries would meet the whole demand, reports Rajesh Bayani.
Capital markets regulator Sebi on Monday came out with a framework for operationalising the gold exchange, wherein the yellow metal will be traded in the form of electronic gold receipts (EGRs). The stock exchange desirous of trading in EGRs may apply to Sebi for approval of trading in the new segment, the regulator said in a circular. The bourses can launch contracts with different denomination for trading or conversion of EGR into gold. Under the new framework, the entire transaction has been divided into three tranches-- creation of EGR; trading of EGR on stock exchange and conversion of EGR into physical gold.
In its reply to the Securities Appellate Tribunal (SAT), the Securities and Exchange Board of India (Sebi) said urgent action was warranted against the promoters of Zee Entertainment Enterprises Limited (ZEEL) in the alleged fund diversion case to safeguard the management and protect investors and other stakeholders. It termed the applications made by Essel Group Chairman Subhash Chandra and ZEEL managing director (MD) and Chief Executive Officer (CEO) Punit Goenka as "completely false and misleading" in its response submitted to SAT on June 17. "We have a situation before us where the chairman emeritus and the MD and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons.
Duty changes in the Budget make refining unviable.
Three different invitations were sent out for the wedding and the receptions with top-run guests being sent a large red box that contained an intricate chest incorporating a mini silver temple featuring gold idols of various Hindu deities, including Lord Ganesh, Radha-Krishna, and Goddess Durga.
The iconinc Zaveri Bazaar in south Mumbai does business of around Rs 3 trillion a year.
The scheme is yet to take off.
The scheme calls for banks, refineries and hallmarking centres to work together.
Report says gold being exported by persons of Indian origin and routed through Dubai
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
Measure to be implemented in metros first, followed by state capitals, district HQs and rest of country
For India to monetise gold, it is not the institutional depositor that policymakers must target but the average retail depositor.
Mehta's export company is the largest integrated gold player in the world.
Dealers are selling gold at a discount of Rs 175 for 10 gm.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
BIS proposes compulsory registration for selling hallmarked jewellery. This will kill business of online sales as BIS registration is given only to physical premises.
Raghuram Rajan rejected the argument that inflation has come down largely because of "good luck" stemming from low oil prices.
BSE Midcap index outperformed the benchmark indices to end with 0.4% gains.
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