Official imports into India shrank almost 90 per cent in the six months to November
Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs 5 lakh (Rs 500,000) or more from Friday -- a move that would help the tax department keep an eye on such high value transactions.
Special audit report conducted by the PricewaterhouseCoopers on Multi Commodity Exchange has met with another opposition. Earlier FTIL, the promoter of MCX had opposed its contents and now Venkat Chary who is FTIL's non-executive chairman has sent a notice to PwC. PwC report submitted to the FMC in last April mentioned the names of Key Management Personnel of MCX and the name of Venkat Chary was mentioned in that list. Chary was Chairman, MCX, during that period. Chary who had in past also served as Chairman of FMC objected to the PwC mentioning his name as the key management personal of MCX. He wrote to the audit firm saying that he was FMC-nominated Non-executive Independent Director and Chairman on the Board of Directors of MCX till July 13 when he resigned following revised FMC guidelines which laid down 70 years as the maximum age for Chairman/Director. Chary sighted provisions of Companies act and Section 2(51) of the Companies Act, which defines " key managerial personnel" in relation to a company include CEO or MD, whole time director, CFO, company secretary and other officer as prescribed. "As non-executive independent director and Chairman nominated/approved by the FMC, I did not fall within any of the above categories," said Chary and hence blamed PWC for not showing due diligence in your special Report to the FMC. Chary has sent a notice to PWC asking it to take immediate steps to rectify this error. Since PwC Report was placed in the public domain, "it has caused serious damages to my reputation as a practising Advocate of the Bombay High Court." Chary has asked PWC if remedial action are not taken he will report the case to the Institute of Chartered Accountants of India for professional misconduct under the Chartered Accountants Act, 1949, by showing gross negligence in the in professional duties. Chary has said, "I also intend to resort to the civil and criminal courts for damages/action against PWC." When contacted PwC spokesperson said that, "Our work has been executed to the expected professional standards and we stand by the content of our report submitted to the Forward Markets Commission". Chary is not the first to oppose PWC, FTIL it self had said the report was prepared without giving them chance to respond and have not accepted contents. Recently, Riddhi Soddhi Bullion, had sent a legal notice for mentioning its name as 'indulging in wash trades on MCX.' The leading bullion trader had claimed damages in their defamation suit.
Gold rises on firm demand, global buoyancy
India, desperate to trim a gaping current account deficit, took a slew of measures last year to curb demand for bullion
Around 200 brokers are said to be involved in the scam; they have been summoned for questioning. Major brokerages questioned by the EoW so far include Anand Rathi, Motilal Oswal, India Infoline and Geojit Comtrade.
Trading sentiment turned extremely bullish as gold and silver soared to a record levels in 31 years in global markets as inflation in China accelerated underscoring the challenge that central bankers worldwide face in combating rising prices.
Gold schemes are offering attractive returns to investors.
Silver also dropped by Rs 550 to Rs 40,350 per kg.
While gold surged Rs 200 to Rs 21,420 per 10 gm on rising seasonal demand, silver rose by Rs 1,250 to Rs 54,450 per kg on heavy buying by stockists and industrial units, amid firm global cues.
Spot gold was substantially higher at USD 1,117.40 an ounce in early European trade.
Surpassing all previous levels, gold hit a new high by rising Rs 200 to Rs 21,270 per 10 grams on the bullion market on Wednesday on aggressive buying by stockists
Gold prices gained marginally, in an otherwise listless and cautious trading on the bullion market in Mumbai on Saturday owing to stray buying support.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
Gold continued with its record-breaking rise in the national capital on Wednesday, surging by Rs 300 to Rs 19,500 per 10 grams, while silver also hit an all-time high after gaining Rs 370 to Rs 32,400 per kg.
Silver met with resistance and fell by Rs 200 to Rs 36,000 per kg.
The gold-mad city has woken up to a massive scam as investigators discovered that at least 200 ounces of fake bullion, worth about $250,000 have been traded at the island`s fabled jewellery souks so far this year, Financial Times reported.
Gold price surged to all-time high of Rs 21,000 per ten grams; while silver rate sets a new record of Rs 44,000 per kg in the Delhi bullion market on Wednesday on hectic buying from stockists triggered by sharp rise in the global market.
While India remains the largest consumer of gold ahead of China, our citizens unlike the Chinese are yet to start any meaningful diversion of their assets in the bullion to protect themselves against inflation
Buying activity in silver gathered momentum as the metal prices rose in global markets amid fresh buying by stockists and jewellers for the marriage season, traders said.
Silver staged a comeback by rising Rs 300 to Rs 36,800 per kg,
Banks argued that the competition to import gold on behalf of jewellers is increasing.
Gold imports in India are estimated to have declined by 50 per cent to 30 tonnes during June-July.
Silver coins remained steady at Rs 52,000.
Junior Civil Aviation Minister G M Siddeshwara told Parliament that disciplinary action has been taken against the employees.
The RBI has issued guidelines and the government has notified it.
Globally, gold fell 0.2 per cent to $1,162.25 an ounce in Singapore.
Silver followed suit and dropped by Rs 325 to Rs 37,100 per kg.
Gold falls on muted demand, silver shapes up on fresh buying.
Globally, gold fell by 0.24 per cent to $1,182.80 an ounce and silver shed 0.72 per cent to $15.89 an ounce in London.
Gold prices rose by Rs 20 to Rs 27,050 per ten grams at the bullion market on Tuesday.
Silver also fell 0.7 per cent to $15.71 an ounce.
Prospective buyers might grumble about skyrocketing gold prices, but the recent run-up in bullion has one group of unexpected beneficiaries - companies who lend against gold.
Gold in Singapore, which normally sets price trend on the domestic front, rose 0.5 per cent to $1,206.30 an ounce.
What should investors do post-demonetisation?
Silver also declined by Rs 180 to Rs 39,175 per kg.
Gold prices on Friday fell by another Rs 25 to Rs 27,225 per ten grams at the bullion market in the national capital due to slackened demand at prevailing levels from jewellers and retailers amid a weak trend overseas.
Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles have taken the sheen off gold
Gold edged higher by 0.19 per cent to $1,225.80 an ounce
India has 20,000 tonnes of idle gold; gold is an important aspect of women empowerment: PM.
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