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Imports of gold virtually stopped since July 22 after confusion on the new import rules.
Passengers entering India will now have to declare Indian currency exceeding Rs 25,000 and LCD, LED or Plasma televisions.
Gold buyers in Asia were in no hurry, anticipating the market to weaken further, with premiums in India and Hong Kong picking up only modestly this week
Making a weak opening, shares of FTIL further tanked 45 per cent to Rs 105.5 -- its fresh 52-week low on the BSE.
'It is unlikely that foreign portfolio investors (FPIs) might increase their India allocation, given the overweight status for most FPIs.' 'Given the commentary from the Republican Party, an anti-imports approach means money will not flow out of the US.'
Steps such as safeguard duty in the works to plug the route
Chinese stocks plummeted 9 per cent on Monday
The FMC had warned MCX that it would not renew contracts, allow new contracts and eventually take away the licence to run the bourse if the commodity exchange does not comply with regulatory norms.
Veterans recall they haven't seen gold falling for 3 years in a row.
Imports in July 2012 were 65 tonnes, said a bullion analyst.
Import in the first nine months of the current calendar year fell 20 per cent to 525 tonnes from 658 tonnes in the year-ago period.
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
Move comes after agencies unearth several cases of misuse of the 80:20 scheme.
In China, premiums fell to about $1.50 an ounce on Friday from $2-$3 an ounce.
The fair market value of an immovable property will be higher from the acquisition cost.
Indian jewellers such as Gitanjali Gems, Malabar Gold and Kalyan Jewellers have opened stores abroad to limit the slump in sales.
India's gold import bill, estimated at $3 billion in May, is seen falling further this month
For India to monetise gold, it is not the institutional depositor that policymakers must target but the average retail depositor.
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Currently, there is no standard method for arriving at the value of gold accepted as collateral and valuation is arbitrary and opaque.
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