Steps such as safeguard duty in the works to plug the route
Uncertainties like the bankruptcies bill, rising non-performing accounts at banks and political uncertainty are expected to drive gold demand higher in India.
The spotlight is back on the hawala trade in diamonds.
Measure to be implemented in metros first, followed by state capitals, district HQs and rest of country
Only three or four tonnes is estimated to have been mobilised under the scheme.
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.
Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
'Gold could return 10% to 12% in the next two-three years.'
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
Mehta's export company is the largest integrated gold player in the world.
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Report says gold being exported by persons of Indian origin and routed through Dubai
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