Leading Indian jewellery bodies, including the All India Gem & Jewellery Domestic Council (GJC) and Malabar Gold & Diamonds, have expressed support for Prime Minister Narendra Modi's appeal to reduce gold imports and are advocating for enhancements to the Gold Monetisation Scheme (GMS) to unlock India's vast idle gold reserves.
There are 350,000 jewellers, of which 13,000 are BIS-certified.
The Bureau of Indian Standards has certified 33 hallmarking centres in the country to act as collection and purity testing centres for the gold monetisation scheme.
Only 21 tonnes of gold have been mobilised in the last eight years under the gold monetisation scheme (GMS) which was announced by the Government of India in November 2015. This could be considered as a failure as the scheme has undergone several changes with a revamped GMS announced in April 2021 to improve collections. This figure was released by the World Gold Council (WGC) on Wednesday in its report titled 'Gold Investment Market and Financialisation, in India gold market series'.
Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met, points out Ram Singh Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met, points out Ram Singh, director, Delhi School of Economics.
A workshop has been organised in Mumbai to come up with suggestions.
Conversion into jewellery during redemption would entail 15-20% wastage and making charges, rendering the scheme inefficient
Gold monetisation scheme will help unlock value of gold.
The temples are concerned about the religious sentiments of the devotees who donate gold ornaments in the name of the deities
Look at gold bonds or gold monetisation scheme instead of buying physical gold
India has 20,000 tonnes of idle gold; gold is an important aspect of women empowerment: PM.
The government has also built in mechanism to protect investors from price fluctuation.
New gold schemes may perform better than previous plans: UBS.
Manas Sood, a Class 12 student from the Delhi Public School, has distributed 2,650 boxes of Tax City Education and empowered over 12,000 students from 52 schools across India. His aim? To help young Indians understand taxes and become financially literate.
Veterans recall they haven't seen gold falling for 3 years in a row.
The Finance Ministry has sought comments from stakeholders.
Chirag Mehta, senior fund manager -- alternative investments at Quantum AMC, shares his views.
In a first for India, bullion derivatives contracts will be settled on a blockchain platform. This will help in global acceptance of gold refined by Indian bullion refineries, giving a fillip to the local industry, exports, as well as investments. From November 1, the National Stock Exchange (NSE) will accept gold delivery only on the blockchain platform.
India imports a staggering 1,000 tonnes of gold every year, draining out foreign exchange and putting pressure on the fiscal deficit.
Gold deposited by households to gold savings accounts will be used for auctioning, replenishment of RBI's gold reserves.
Fintech firm BharatPe is targeting an initial public offering (IPO) in the next 18-24 months with the company expecting profitability at an earnings before interest, taxes, depreciation and ammotisation (Ebitda) level for FY25, chief executive officer (CEO) Nalin Negi said.
In 5 years, the average demand for gold has been 895 tonnes annually.
Banks have collected about 1,500 kg of gold from temples and trusts under the Gold Monetisation Scheme (GMS) since its launch last November.
Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
BSE proposes two models for making gold trading and investment transparent
Siddhivinayak Temple has opened a demat account to accept donations in the form of 'shares and securities' from devotees.
'For experienced and risk-taking investors, now may be the time to go all in.' 'By 'experienced and risk-taking', I refer to those who remained net buyers in equities during the early stages of the 2020 pandemic.' 'On the other hand, those who exited the markets during the pandemic may go the SIP way.'
There are a total of 12,611 establishments called enemy property, roughly estimated to be worth over Rs 1 lakh crore, in the country.
Gold demand in India -- one of most avid purchasers -- is interwoven with culture, tradition, the desire for beauty and the desire for financial protection.
India's gold obsession needs a correction.
The third quarter (Q3) of 2023-24 (FY24) has proven to be pivotal, witnessing some startups turning profitable and others enhancing their performance as their businesses finally begin to deliver. Startups like Delhivery, Zomato, PolicyBazaar, Mamaearth, and Nykaa have either become profitable or improved their profit margins in Q3FY24. A renewed focus on profitability, supported by operational efficiencies, expense rein-in, and robust demand during the festival season, has empowered companies to strengthen their performance.
Simple takeaways from the Union Budget 2015-16 and how it impacts your life
The Ratlam division of the national transporter is planning to provide head and foot massages to passengers in 39 trains originating from Indore railway
Zomato has the potential to be an equally important milestone for Indian equity markets, notes Akash Prakash.
There are several welcome standalone reforms, but these do not add up to a coherent strategy to achieve a $5 trillion economy or secure Aatmanirbharta, observes Rathin Roy.
It's difficult to understand if GDP growth has actually improved.
Experts hail Budget 2015 as a progressive, growth oriented one.
The president outlined the government's agenda in the coming financial year in his customary address to the joint sitting of both the Houses of Parliament.
The government's move to sell enemy shares comes when it is struggling to meet its target of raising Rs 800 billion from the sale of State assets in the fiscal year ending in March 2019. The Custodian of Enemy Property of India holds around Rs 3,000 crore worth of equity shares besides land and property across India.
