The best way to curb gold demand is by reducing black money in circulation.
Current account deficit could ease to around 3 per cent in the current fiscal year from prior estimates of about 4 per cent due to sharp drop in global commodity prices.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
Twenty years after the 1993 blasts, Maximum City is still struggling with its security cover, says Ranjita Ganesan
What was recovered from Bhajiawala family: Rs 1.45 crore cash, of which about Rs 1.05 crore was in new currency notes, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.
Gold rallied to scale two-month peak at the domestic bullion market on Thursday on frantic buying in the backdrop of the government's decision to raise import duty on the metal.
Spot gold rose $8.32 an ounce to $1,474.56 by 0624 GMT, well below a lifetime high around $1,920 an ounce hit in September 2011.
The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
Traders said sustained buying by stockists and investors shifting their funds from melting stocks to bullion mainly kept gold prices firm for the fourth-day.
The global high comes amidst the uncertainties of Brexit, a trade war and slowing growth, with traders increasing their silver bets.
Gold prices in India soared to record highs on Thursday, prompting many people in the world's largest bullion consumer to sell old stock, traders said.
Demand for investment instruments is expected to be more than jewellery.
Gold import in the December quarter is estimated to come down.
NSEL, has up to Rs 500 crore (Rs 5 billion) daily turnover in e-golds.
Jewellery showrooms in Tamil Nadu and Andhra Pradesh were also opened.
Barring bullion, all other commodity markets as well as forex and money markets, the Bombay Stock Exchange and the National Stock Exchange remain closed on Tuesday on account of Mahavir Jayanti.
Total export of gold, silver and coins in the month of June 2014 stood at 3.9 billion Swiss franc
The biggest-ever seizure of cash in new currency grew to over Rs 5 crore on Friday even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
Global gold demand hit an 11-year low in 2020 at 3,759.6 tonnes, mainly due to a weak October-December quarter and the COVID-19 related disruptions across the world driving a muted consumer sentiment throughout the year, the World Gold Council (WGC) said in a report. The overall consumer demand during 2019 was at 4,386.4 tonnes, while in 2009 the overall demand was at 3,385.8 tonnes, according the WGC's 2020 Gold Demand Trends report. Global gold demand dropped by 28 per cent year-on-year (YoY) to 783.4 tonnes in the fourth quarter compared to 1,082.9 tonnes during the October-December period of 2019, the report stated.
In Jan the country raised the import tax on the yellow metal by 2 percentage points.
Congress party chief Sonia Gandhi has written to the government, to ask for a cut in the record import duty on gold and for other restrictions to be eased.
Festive demand for gold in India got off to a tepid start, with local prices still at a heavy discount to the global benchmark, a bad sign for a period when buying is typically strong.
Global gold prices held below $1,200 an ounce this week.
The recent round of sell-off is losing momentum and buying is again picking up due to firm marriage season demand.
Indian gold prices have slipped below Rs 30,000 and still counting on the lower side.
Standard gold of 99.5 per cent purity declined by Rs 220 to end at Rs 25,680 per 10 gm. Silver plunged below the Rs 46,000 per kg-mark.
With one of its members, Pradip Burman, being named as an account holder in a foreign bank in the black money issue, Dabur India promoter family, Burmans on Monday said the account complied with all legal requirements.
Spot gold slipped 0.2 per cent to $1,579.06 an ounce.
This is good news for the central government at a time when crude oil prices are rising.
Traders in India, the world's largest gold consumer, were stocking up on the precious metal on Monday amid fears that a US-led war with Iraq was imminent and could push bullion prices higher, dealers said.\n\n\n\n
Gold imports are likely to fall below 50 tonnes this month due to sharp fall in exchange rate of rupee and high global prices of the precious metal, according to market experts.
The pros and cons of investing in gold coins and bars, jewellery, gold ETFs and gold mining stocks.
Gold discounts in India, the world's second-biggest consumer, widened this week as dealers struggled to offload stocks amid sluggish demand.
Gold prices staged a smart rebound to surpass the psychologically important Rs 28,000 milestone.
The demand is rising as price fall.
In the search, Rs 60 crore were found in 20 accounts of as many shell companies, an official said, adding the I-T team was scanning the records to trace the directors of these companies.
Silver, however, declined by Rs 220 to Rs 35,180 per kg.
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