This is good news for the central government at a time when crude oil prices are rising.
Demand for investment instruments is expected to be more than jewellery.
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.
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.
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.
Total export of gold, silver and coins in the month of June 2014 stood at 3.9 billion Swiss franc
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.
In Jan the country raised the import tax on the yellow metal by 2 percentage points.
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.
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.
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.
Gold prices staged a smart rebound to surpass the psychologically important Rs 28,000 milestone.
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.
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.
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
Silver, however, declined by Rs 220 to Rs 35,180 per kg.
The demand is rising as price fall.
Citizens are encouraged to deposit jewellery, bars or coins with banks so it can be refined to meet fresh demand and cut the need for imports
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
As the shift from hand-crafted to machine-made ornaments did not serve the purpose, with neither the cost of machine-made jewellery declining nor jewellers finding innovative designs, the industry goes back to 'hand-crafted' ornaments for both domestic and overseas buyers, reports Dilip Kumar Jha.
The central bank wants to bring 20,000 tonnes of gold held in households into the banking system.
A drop in demand from local jewellers and retailers at current levels weighed on the prices
With gold prices touching their all-time high on Wednesday, jewellery majors were taking measures to attract more consumers. These included more category launches, lower-weight jewellery and store expansion, among others.
The bank believes that that gold prices will recover this year and retain a pronounced bullish posture.
Cuts its 2013 price forecast to $1,760 an ounce from $1,850.
Gold prices zoomed to set another record level on the bullion market on Monday on brisk buying and gained another Rs 50 to touch Rs 6,020 per ten gram, triggered by heightened concerns over possible US attack on Iraq.
Silver also fell further by Rs 150 to Rs 34,200 per kg.
Spot silver rose 0.3 per cent to $15.35 an ounce.
Yadav said the nationwide strike has affected over 35 lakh (3.5 million) people.
Jewellers in Ahmedabad were baton-charged when they tried to block traffic on busy Sarkhej-Gandhinagar highway.
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