To check rising current account deficit, the government has raised import duties and the Reserve Bank of India had imposed curbs on import of the yellow metal and also laid down various pre-conditions for inward shipments of the precious metal.
The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
'It has also outlived its initial purpose of reducing physical gold imports.'
Most investors should have a 5% to 10% allocation to gold for diversification. They should stagger their investments to mitigate timing risk.
Looking at the OTT releases coming up this summer.
Thirty people who were detained at the Lucknow airport for allegedly smuggling gold into the country escaped after one of them pretended to fall sick and created chaos, officials said.
At a time when none in Kerala's Left politics questioned the chief minister's authority, MLA P V Anvar hurled a series of accusations against Pinarayi Vijayan's government, notes Shyam G Menon.
'Customers are coming in; if they aren't buying, they are at least visiting the stores, which was not the case before the Budget.'
But for those who come to watch Rajini for a larger-than-life, first-day-first-show vibe, he will not disappoint in Coolie, raves Divya Nair.
Huge margins, high custom duty and increasing demand among youngsters have led to exponential increase in smuggling of foreign cigarettes.
The Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
Gold imports more than doubled in August to a record high of $10.06 billion, mainly on account of a drastic cut in customs duty and ongoing festive demand, according to the Commerce Ministry data. Gold imports stood at $4.93 billion in August 2023. On record high imports, Commerce Secretary Sunil Barthwal said that the tariff rates on gold have been reduced drastically so that smuggling and other activities can come down.
Sejal Shah's flatly-narrated timeline would probably serve better as a documentary, observes Sukanya Verma.
The investigation agency said during the custody, Suresh had disclosed that she had kept proceeds of the crime at the bank lockers and invested as deposits in various banks.
D Subbarao reiterated concerns over rising gold imports and its pressure on current account deficit.
The government and the Reserve Bank had also imposed certain other restrictions on its shipments, including linking of imports to exports to prevent outgo of the foreign exchange.
Over 60 kg of gold "concealed and smuggled" by several passengers on three flights coming from Singapore and Malaysia was seized at the Visakhapatnam airport by the directorate of revenue intelligence, officials said on Monday.
15% of India's gold this year is likely to be smuggled in or arrive via other unofficial channels to beat a 10% levy imposed by the government
Unnecessary victimisation may "reflect in the bilateral relations", the Bombay high court said on Thursday while ordering the authorities to issue exit permit to a Chinese woman who was acquitted in a gold smuggling case yet could not leave India.
A rise in import duty could be a reason for increase in illegal consignments, say experts.
Sukanya Verma looks at Bollywood's best-known diamond robberies in film.
Custom authorities have been keeping strict vigil on the cargo movements from Bhutan, Taiwan, China, Afghanistan, South Korea Japan, and Dubai since January.
India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to $10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
Instead of hiking duties, he plans to introduce inflation-indexed instruments to help curb a record current account deficit.
This "Special Eleven Team" has been equipped with a dedicated control room, a senior officer said.
With gold smuggling rising, jewellers have to be sure of the source of the gold being exchanged.
Official imports into India shrank almost 90 per cent in the six months to November
The British Broadcasting Corporation alleged that the UN had covered up claims that its troops in Congo had indulged in these activities, claiming it had new eye-witness accounts to refute UN claims that no weapon transfers had taken place. The report came against the backdrop of India having its biggest-ever peacekeeping contingent in the troubled African country.
The Reserve Bank too imposed a series of curbs to restrict gold imports.
The Kerala government on Friday decided to recommend a judicial inquiry against central probe agencies, including the Enforcement Directorate, which are investigating the gold and dollar smuggling cases.
The rise in illegal imports of the yellow metal has caught the eye of the finance ministry.
Breaking his silence over the matter, Vijayan on Tuesday sounded tough and said a high-level probe by a top-ranking officer would be held into the charges raised by the MLA.
The restrictions on gold imports will be reviewed by March end, Finance Minister P Chidambaram said on Monday.
Thankam delivers an engaging drama that fans of good crime-solving tales will enjoy, recommends Mayur Sanap.
The government hiked import duty on gold to 10 per cent and the RBI also imposed curbs on its imports by linking it with exports.
The demand for gold is expected to take a hit if the price of the yellow metal - which has been hovering around Rs 60,000, a level never seen before - remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
The Kerala high court on Tuesday granted bail to Swapna Suresh in the Unlawful Activities (Prevention) Act case registered by the National Investigation Agency in connection with the sensational gold smuggling through diplomatic channel.
The senior Congress leader was in New Delhi to campaign in Maharashtra Assembly polls.
Move comes after agencies unearth several cases of misuse of the 80:20 scheme.
After a marathon discussion lasting nine hours, the motion was defeated with 87 members opposing it and 40 supporting in the 140-member house with two vacancies.
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