Gold prices are likely to remain in a consolidation phase in the near term, but the overall bias will continue to stay positive amid heightened expectations of a US Federal Reserve rate cut in its September policy meeting, analysts said. Traders will closely track US macroeconomic data, such as Q2 GDP, PCE inflation, and speeches from Fed officials, which will provide more insights into the monetary policy stance of the Federal Reserve and the trajectory of the bullion sentiment, they added.
Amid concerns of bullion trade being used for routing of black money, Switzerland's gold exports to India have risen further and is fast approaching Rs 1-trillion mark for the entire 2014.
Activist-turned-politician Arvind Kejriwal on Friday took on the issue of hawala money stashed in Swiss bank accounts.
Gulliver had about $7.6 million pounds in a Swiss account in 2007.
Two Indian women figure among scores of foreign nationals with Swiss bank accounts, whose names have been made public by Switzerland in its official gazette for being probed in their respective countries.
Swiss banking professionals under the agies of the Swiss Bankers Association met the Reserve Bank of India officials on Wednesday to discuss areas of cooperation. They also apprised the Indian banking regulator about the steps that Swiss authorities had initiated to implement stringent anti-money laundering laws.
Switzerland has been making efforts to strengthen its bilateral cooperation with India .
The details are being shared with India on a 'spontaneous' basis and are different from the information sought earlier by the Indian authorities on the basis of 'leaked' or 'stolen' lists of certain banks.
Switzerland, long known as a place with unbreakable banking secrecy, has come under intense global pressure, including from India, to crack down on illicit fund flows.
With the Swiss government's refusal to share information about Indians holding accounts in its banks, BJP president Rajnath Singh on Monday said India should mount diplomatic pressure on that country to get the details.
There was a whole lot of cha-ching, including a Rs 21 crore watch worn with princely ease.
Red Square and VDNKh easily rank among the most striking places I've visited -- both for their historical significance and architectural splendour.
My admiration for Russian culture, vision and ambition grew with every step as I clocked the miles, Nitin Sathe tells us after a visit to Moscow and St Petersburg.
The latest turn to the case comes just days after Switzerland made it clear that its law does not allow UBS to disclose client information. The US government had filed a suit against UBS demanding the banking major part with details of about 52,000 American clients, as it felt the Swiss bank was helping American citizens in tax evasion.
A new strategy of 'layering' through gold and diamond trade has come to light at Swiss banks to thwart any attempt for identification of real beneficiary owners of funds entrusted with them.
Total export of gold, silver and coins in the month of June 2014 stood at 3.9 billion Swiss franc
The Swiss Finance Ministry spokesperson recently confirmed that a meeting is expected in the coming weeks, but did not disclose any further details.
Mukherjee and Swiss Foreign Minister Micheline Calmy-Rey signed the revised pact in New Delhi on Monday.
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
Swiss govt's latest response comes against the backdrop of P Chidambaram shooting off another letter to his Swiss counterpart.
It is suspected that some of these entities may have brought back their illicit wealth through the stock market route.
Finance Minister Arun Jaitley on Friday said Switzerland has agreed to share information on Indians having illicit money in Swiss banks on independent evidence provided in each case to the Alpine nation.
The MoU deals with creation of a useful forum for exchange of views on financial and macro-economic issues. Official sources said the MoU will facilitate dialogue between the tax authorities of the two countries.
As per the survey conducted by Swiss Bankers Association, protection of financial privacy remains important for people in the country with 86 per cent of respondents believing that the financial details of bank clients must be protected from third parties.
According to a reliable source, the names of 'Preneet Kaur' and a name similar to one of Narayan Rane's sons allegedly feature on the HSBC list of Indians with Swiss bank accounts, says Sheela Bhatt/Rediff.com
If Mumbai's Zaveri Bazaar is full of jewellery shops and Delhi's Chandni Chowk has got hundreds of saree merchants vying for customers' attention, Zurich has got a street full of Swiss banks -- known for their secrecy veils.
Amid a raging controversy over black money allegedly stashed by stud farm owner Hasan Ali in Swiss banks, Switzerland has said it is awaiting a "complete" request from India for help in this case since 2007.
Official sources said while the accounts of Nirav Modi, the diamantaire under arrest in this case in London, have deposits of $3,74,11,596 (Rs 258 crore) while the accounts in the name of his sister Purvi Modi has deposits of 27,38,136 (Rs 24 crore).
The amendments to the treaty will now be placed before the Swiss Parliament for final approval.
Uruguayan soccer player Diego Forlan on Monday denied evading taxes by hiding money in Swiss accounts with the British bank HSBC Holdings PLC.
Switzerland finally signed an agreement to exchange information on potential money launderers and tax dodgers last week but neither this nor a modified tax avoidance treaty is likely to help India.
The Swiss Federal Office of Justice (FOJ) said it had blocked accounts at several banks in Switzerland after police arrested some of the most powerful figures in global soccer on Wednesday in US and Swiss corruption cases.
As per their law and Constitution, their international agreements are to be ratified by both houses of Parliament and local authorities.
Swiss authorities are examining development grants made by FIFA around the world as part of their investigation.
Reliance ADA Group chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) in Mumbai and recorded his statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in south Mumbai. Ambani's statement was recorded as part of a fresh case filed under various sections of the Foreign Exchange Management Act (FEMA), the sources said without elaborating.
The Reserve Bank of India on Monday directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.
Swiss government is expected to make a last-ditch attempt to protect its banks from criminal charges in the US.
In the past, several other Indian nationals have been named in such notifications after the Swiss FTA was approached by Indian authorities for information about those people with regard to the pending tax-related probes against them.
Industrialist Yash Birla, as also two Mumbai-based individuals behind City Limousines scam, are among five Indian nationals with Swiss bank accounts.
'Right now, silver -- and especially platinum -- are very cheap compared to gold. If I were buying today, I would choose platinum.'
'This mega corruption scandal, as certified by the Supreme Court, will expose the unholy nexus between the BJP and its corrupt corporate masters'
