Jewellers see flat gold sales this Dhanteras
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
In cricket, we have something that we can share with our families, neighbours and indeed, the whole country. It is colour-blind, language-neutral, truly secular and transcends all regions, from Kashmir to Kerala and Mizoram to Maharashtra, explains Shreekant Sambrani.
The government was also faced with problems on its balance of payments. It took steps to conserve declining foreign exchange reserves, and began to regulate the production, supply and distribution of gold. It banned forward trading in the yellow metal in November 1962, and introduced gold bonds as well, reveals the RBI's annual report for the year ending June 1963.
The rouble has been falling steadily since early November and collapsed earlier this month following a spectacular decline in the price of crude oil to five-year lows.
Gold prices are set to drop further in the domestic market, owing to the rupee's appreciation.
Gold is seen as a preferred asset for all types of investors, even central banks.
Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
In August 2013, import duties on gold, silver and platinum were hiked to 10 per cent in order to curb the surging imports and also to check CAD.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
India made it mandatory for customers to disclose their tax code, or Permanent Account Number (PAN), for purchases above Rs 200,000.
Indian gold demand seen falling to 8-year low in festive quarter.
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.
For the first time, consumers, including those at the so-called bottom of the pyramid, are monetising gold by taking loans from banks, offering the yellow metal as collateral, says Tamal Bandyopadhyay.
Recycling in India fell by 22 per cent to 14 tonnes against 18 tonnes.
Supply through recycling of used gold declined to around 10 tonnes in the second quarter of the current calendar year.
A workshop has been organised in Mumbai to come up with suggestions.
Gold sales were reported at 40 tonnes last year; this might have been surpassed this year.
World Championship gold-medallist para shuttler Manasi Joshi has strongly criticised former Indian cricketers Harbhajan Singh and Suresh Raina for allegedly mocking people with disabilities.
Indian exporters are said to be exporting gold jewellery with minimum value addition to get a higher gold import quota for domestic market after imports linked to exports under the 80:20 rule.
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
Gems and Jewellery Export Promotion Council (GJEPC) has urged the government to reduce import duty on gold to 4 per cent from 7.5 per cent and a special package for the sector in the forthcoming Budget to boost shipments. As part of its pre-Budget recommendations, the council has also suggested a reduction in the import duty on cut and polished diamonds; cut and polished precious and semi-precious gemstones from 7.5 per cent to 2.5 per cent. "If (gold) imported at 4 per cent duty rate....working capital amounting to Rs 225 crore would be blocked instead of Rs 500 crore," the council said in a statement.
According to World Gold Council (WGC), gold jewellery demand in India, the world's largest consumer, touched record 662.1 tonnes in 2014.
Gold loan companies offer loans to financially-excluded customers and MSMEs by enabling them to monetise their gold without the need for documentary proof of income
Despite the recent imposition of import rule and high duties, the yellow metal continues to attract buyers.
IIM-A announced a tie-up with three corporate houses -- CRISIL, ATS Infra and SAP -- for research in financial markets, infrastructure and entrepreneurship.
U K Sinha said the equity market also helps in the growth of the Indian economy as the money invested in equities is utilised for infrastructure-building
The two leaders had a complex relationship yet formed a partnership and even after their parting of ways, the two admired each other in their efforts for India's freedom.
A downturn in Indian demand could hit global gold prices.
Led by Olympic champion Neeraj Chopra, India will seek to showcase its ascendency as a sporting power at the Asian Games, which opens formally on Saturday after an unprecedented one-year delay due to the COVID-19 pandemic.
Gold demand in India -- one of most avid purchasers -- is interwoven with culture, tradition, the desire for beauty and the desire for financial protection.
'It was tough financially for the first few years but my friends and family supported me and once he did well at the 2018 Commonwealth Games, there was no looking back.'
Indian shooting legend Abhinav Bindra has been awarded with Olympic Order by the International Olympic Committee (IOC) for his outstanding services to the Olympic movement
The World Gold Council, which represents the mining industry, puts India's demand between 850 and 950 tonnes in 2014.
The government has retained 10% duty on import of the yellow metal.
At nine-month high, current prices attractive; consumers want to cash in before a correction
According to jewellers and MMTC-PAMP India, gold demand has picked up in the wake of good monsoon and favourable price levels. There was positive response and more footfalls.
India's biggest jewellers' association has asked members to stop selling gold bars and coins.
Gold loans are a quick, easy and low-cost way to meet your immediate and emergency financing needs, but do ensure that you entrust your gold in safe hands after thorough due diligence, suggests Gaurav Gupta, founder and CEO, MyLoanCare.in.
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