Sales of gold in the form of jewellery, coins and bars have risen 20-25 per cent over last year's festive season on the back of discount offers.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
Officials said the Enforcement Directorate along with the Central Bureau of Investigation launched fresh searches on March 22 at the Samudra Mahal luxury residential flats of Modi in Mumbai's Worli area which resulted in the recovery of fresh valuables.
Diamond prices fell about 30 per cent last year and had recovered by almost 15 per cent this year. Further recovery is imminent by the end of this year, said Mehul Choksi, chairman of Gitanjali Gems, a leading jewellery manufacturer and retailer, on the sidelines of a seminar organised by the Federation of Indian Chambers of Commerce and Industry in Mumbai on Monday.
Gold jewellery exports may decline by about 50 per cent in this financial year from last year after government restrictions reduced the availability of raw material, Gitanjali Gems Chairman and Managing Director Mehul Choksi said.
Designer Pria Kataaria Puri held back-to-back showings over the weekend, putting on display a tantalising array of bridalwear and red carpet specials alongside jewellery by TBZ Nirmal Zaveri and Gitanjali Jewels. Check it out.
The plea also sought a directive for the constitution of a committee of experts who would find the details of bad debt cases in the country.
According to a complaint from Bank of Baroda, the conspirators allegedly cheated a consortium of bank loans of Rs 3,695 crore. The scam was earlier estimated at around Rs 800 crore.
Frozen mutual funds and shares worth Rs 86.72 crore belong to Choksi and his group, and the rest are owned by the Modi group.
In the past two years, high-end luxury watch brands have grown by 20-22 per cent, as against 7-8 per cent growth in low-end watches.
Gokulnath Shetty, then deputy manager (now retired), Manoj Kharat, a single window operator of PNB, and Hemant Bhat were taken into custody by the agency
Here's a look at celebs who graced the ramp on Day 2 of Indian International Jewellery Week 2015.
Thousands of unlisted companies registered with RoCs will soon go under watch on lines similar to the oversight by the Securities and Exchange Board of India of listed companies.
After taking action against 226,000 shell companies last year, the ministry of corporate affairs has now zeroed in on a fresh batch of suspected shell companies.
Passengers of the Rajdhani Express trains can now enjoy facilities like Internet with the Railways roping in private players for offering such amenities in return of advertisement space.The contract to advertise on a particular train will be for one year and Railways will charge Rs 25 lakh per month from the interested party.
Several families in Ganjam, Jagatsinghpur and Nayagarh have named their newborn daughters as Titli because they were born either before the very severe cyclone's arrival in the coast or after it made landfall.
A proposal by Damas LLC to set up a joint venture with Gitanjali Lifestyles for retail trading of jewelleries will bring in FDI of Rs 180 crore (Rs 1.8 billion), while Danone's plans for food products business do not have any definite FDI content as company for this purpose is yet to be incorporated.
The bench also said there was merit in ED's contention that while the "driving force behind the companies" (Modi) was not submitting to the agency's jurisdiction, his companies cannot be given any discretionary relief.
The Silver Jubilee celebrations of the historic 1983 World Cup win will kick-off on Sunday with the re-union of the champion team members for a series of programmes, including a grand felicitation by the BCCI. The BCCI will felicitate the heroes of the nation, who had grounded the mighty West Indies to clinch the coveted Cup at Lord's on June 25 in 1983.
A quick computation puts the following value to the seizures.
Lakme Fashion Week commenced with a bang this year. Celebrated Indian designer Neeta Lulla showcased a stunning collection of both Western and Indian wear.
The government has given sanction for prosecution against PNB executive director Sanjiv Sharan as part of the clean up exercise in the system.
The hits and misses of the week.
The hits and misses of the week.
The government on Tuesday gave formal approval to the multi-services special economic zone of Mukesh Ambani- promoted Reliance Industries Limited in Gurgaon and in principle approval to the company's port-based SEZ in Rewas.
'Mothers as characters may have the same problems as they had years ago.' 'But what's refreshing is how they are becoming more accepting towards the changes in society.'
The gold prices on Tuesday dipped as low as Rs 11,000 per 10 gram, down nearly one-fifth from this year's high of Rs 13,650 scaled nearly a month-ago on July 15. The price has come close to its level seen during the Diwali season last year, when it stood at near Rs 10,500 per 10 gram. This year, Diwali falls on October 28.
Rediff reader Gitanjali Gurbaxani shared these yummy recipes with us.
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
Former US student, Gitanjali Bakshi, who studied in the US for four years, discusses life in America and provides tips for prospective students.
The month-long carnival (after the April 20 wedding) will be held in 10 or12 cities and will showcase a collage of the couple's films, paintings and photographs, apart from exhibiting Gitanjali's new wedding collection.
Chill out with these delicious recipes.
Gitanjali Bakshi, who studied in the US for four years, describes life in America. She touches on the differences in academic styles, living expenses and much more.
The agency has written to the Interpol to issue a Red Corner Notice which would mean that the member countries of the Lyon-based international police cooperation agency can arrest and extradite Nirav Modi
An 18-year-old drowned last evening when he went for a swim in Mitha river at Saki Naka in Northeast Mumbai, while a woman sustained minor injuries today when the balcony of a building collapsed at Vakola.
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