The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," financial services secretary Vivek Joshi told PTI.
Since the last nine years, gold investors have made money each year, while gains in silver have been consistent only in the last five years.
Of the Rs 474.4 crore insurance cover, the largest component -- Rs 375 crore -- has been allocated towards personal accident cover for volunteers.
The police on Thursday seized Rs 92.86 lakh in cash and 1.5 kg of gold ornaments from the Mohali residence of Anuradha Bali alias Fiza, the estranged second wife of former Haryana Deputy Chief Minister Chander Mohan, three days after she was found dead under mysterious circumstances.
A 37-year-old burglar who allegedly built a Rs three crore bungalow for his girlfriend using the robbed money was arrested in Bengaluru. Panchakshari Swamy, who hails from Solapur in Maharashtra, was married and has children but he was a womaniser and spent the robbed money lavishly on women. He allegedly committed thefts in many parts of the country over the past two decades. Swamy has been arrested in a case of theft of gold and silver ornaments worth Rs 14 lakh from a house at Maruti Nagar in Bengaluru that occurred on January 9. His involvement in the theft was revealed with the help of footage from more than 200 CCTV cameras. With his arrest, the police have seized gold biscuits of 181 g, silver ornaments of 33 g, and a firearm from him. Swamy started burglaries in 2003 when he was a minor and by 2009 he had become professional at it gaining wealth worth crores through thefts, burglaries and robberies and it was in 2014-15, he started dating an actress and spent lavishly on her by building a Rs three crore house for her in Kolkata. He also allegedly gifted her an aquarium worth Rs 22 lakh, he said, adding he also had links with some other actresses. Police said that he mostly operated alone and kept a watch over empty houses so that he could target them easily and after committing the theft, he would change clothes to avoid suspicion.
The government on Tuesday said it is fully prepared to implement mandatory hallmarking of gold jewellery and artefacts from June 1, 2021. Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present. The Centre, in November 2019, had announced that hallmarking of gold jewellery and artefacts would be made mandatory across the country from January 15, 2021.
Your mother gave you those ancestral bangles at the time of your marriage as streedhan. Now you want to sell it. Then be ready to shell out capital gains tax.
Dozens of Indian immigrants, mostly from Punjab, were deported from the United States after attempting to enter the country illegally. They were returned to India in shackles, having spent lakhs of rupees on the journey. Many of the deportees said they were duped by travel agents who promised them a better life in the US. Their families had sold land, borrowed money, and mortgaged their properties to finance the trip. The deportees are now facing a bleak future, having lost their money and their dreams of a better life in the US.
Retail inflation declined to over six-year low of 2.1 per cent in June, nearing the RBI's comfort zone, on account of subdued prices of food items, including vegetables, driven by widespread monsoon.
A 17-year-old ragpicker from Dombivli handed over gold jewellery worth Rs 8.5 lakh to the police, which was mistakenly thrown in a bin.
Supply through recycling of used gold declined to around 10 tonnes in the second quarter of the current calendar year.
Earlier, the RBI had imposed similar restrictions on commercial banks and NBFCs.
Following the demonetisation of 500 and 1,000 notes in a bid to crack down on black money, there were apprehensions among people that the government might impose some kind of restrictions on gold holding by individuals.
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
The Delhi High Court has directed Customs officials to ensure that old and personal jewellery of travellers, including ornaments being worn by them during travel, are not unnecessarily detained at airports and they are not harassed. The court was hearing a batch of more than 30 petitions raising issues on the procedure for detention of goods belonging to the tourists travelling to India, of both Indian and foreign origin, by the Customs department.
Siddhivinayak to deposit 44 kg gold ornaments with State Bank of India
Whether you prefer a classic look or a modern twist, there's cross shaped jewellery that's apt for you.
Discounts and incentives are attractions jewelleres are offering along with new designs to woo customers to boost sales ahead of Diwali.
The temples are concerned about the religious sentiments of the devotees who donate gold ornaments in the name of the deities
The investigation pertains to a case against Pranav Jewellers, a partnership firm based in Tiruchirapalli, whom the ED raided on November 20 and claimed to have seized "unexplained" cash of Rs 23.70 lakh and some gold jewellery.
Days after cash and ornaments valued at over Rs 2.25 crore were found missing from an Axis Bank branch in Manipur's Churachandpur, criminals targeted another bank in Kangpokpi district and looted computers and other electronic items worth nearly Rs 1 crore, officials said on Friday.
Ninety coins in the denomination of Rs 5 and Rs 10 and ornaments like chains, nose rings, earrings, bangles, anklets, wrist bands and watches were found from the stomach of the 26-year-old.
Banks have swung into action as gold prices continue to slide. Reduced loan-to-value ratio (LTV), cautious lending, and a close monitoring of the gold loan portfolio have prompted them to hedge their loan books against the reduction in prices.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
The Goud Saraswat Brahmin Seva Mandal's Ganesh Mandal, located in Matunga, north central Mumbai, is widely considered to be the city's richest Ganesh Mandal.
This is one of the biggest burglaries reported in the national capital.
Nearly 11 kilos of gold and 300 kilos of silver ornaments were offered by devotees to Lalbaghcha Raja this year.
Standing at the edge of Dholavira is witnessing history textbooks crammed in school coming to life. One is suddenly standing face to face with a 4,000-year-old civilisational site that is now but a ruin.
Sluggish economy, high bullion prices and consumer shift towards cheaper gifting options such as electronic goods and mobiles have taken the sheen off gold
The Supreme Court said on Thursday that the purpose of criminal proceedings is to bring a wrongdoer to justice and not to seek revenge or pursue vendetta.
Consumers have to watch out for four marks on hallmarked gold jewellery: BIS mark, purity in carat, assay centre's name and jewellers' identification mark.
The Delhi Police late on Thursday night arrested Ranglal Singhal, who, according to his confession, stabbed his son Gaurav in his house while the preparations for his wedding were in full swing.
Silver also dropped Rs 560 to Rs 36,440 per kg.
What makes temple jewellery so special?
Take inspiration from these cutting-edge designs worn by fashion-forward celebs to ensure turn heads with your ultra-mod style.
Bullion traders said sustained buying by jewellery fabricators and retailers to meet the festive season demand mainly kept precious metal prices higher.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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