The searches since December 22, which resulted in Jain's arrest, also included searches at the trader's residential/factory premises in Kannauj, wherein about Rs 17 crore in cash, 23 kg of gold and 600 kg sandalwood oil having a market value of about Rs 6 crore have been recovered, the ministry said in a release.
Gold plunged sharply to hit a three-month low.
Bullion may settle with limited upside potential
Move comes after agencies unearth several cases of misuse of the 80:20 scheme.
Spot gold was trading little changed at $1,315.15 an ounce in early European trade.
Regaining the lost sheen, sales of gold jewellery and coins are set to touch pre-COVID levels in volume terms on the auspicious Dhanteras as easing pandemic concerns and pent up demand saw consumers flocking to stores to buy the precious metal. Increased footfall at stores and brisk sales online as well as relatively softer gold prices compared to record Rs 57,000 per 10 grams level in August spurred increased buying, especially light weight offerings, on Tuesday. Dhanteras is considered to be auspicious for buying precious metals and other valuable items.
Jewellers across the country will go on a 'token strike' on August 23 against the "arbitrary implementation" of mandatory hallmarking of gold jewellery, All India Gem and Jewellery Domestic Council (GJC) said on Friday. The strike will be supported by 350 associations and federations from all four zones of the entire gems and jewellery industry, the GJC claimed. Mandatory gold hallmarking has come into force from June 16 in a phased manner. The government has identified 256 districts from 28 states and union territories for the phase-1 implementation.
Both the precious metals, gold and silver, on Monday rebounded in the national capital on emergence of buying at existing lower levels amid a firm trend in the Asian region.
Finance Minister Arun Jaitley in the Budget for 2016-17 had proposed 1 per cent excise duty on jewellery without input credit or 12.5 per cent with input tax credit on jewellery.
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.
Silver coins, however, held unchanged at Rs 70,000.
The month of March could be worst in many years, with imports estimated only around 18 tonnes amid the coronavirus pandemic and the nationwide lockdown, said an industry player. The import in March 2019 was 72.5 tonnes, according to the GFMS data.
The customary naadan or home-cooked meal is rather memorable fare.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
The new norms come into force with immediate effect.
Gold had hit an all-time high of Rs 11,492 on the Multi Commodity Exchange, the largest commodity bourse. The gold contract has gone up more than 7 per cent so far in 2008. Traders said the demand for gold is dull, as many people are expecting that the prices will come down.
Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.
Govt clamps have resulted in 93% decline in April-November
The bill on October 2013 was $1.01 billion for 38 tonnes.
Silver ready rose by Rs 350 to Rs 33,850 per kg.
In London, gold prices eased today, as the euro ran into profit-taking and stock markets dipped.
The precious metal has now lost Rs 280 in last three days.
Gold price in Mumbai's physical market on Friday fell 31.1 per cent or Rs 1,351 to close at Rs 41,848 per 10 gramme. Friday's fall in per cent terms is worst after November 2015 and, in absolute terms, the worst after August 2013. Silver prices fell Rs 2,255 to close 5 per cent lower at Rs 43,085 per kg on Friday.
Silver coins, however, continued to trade in a narrow range.
Even as the MCX Stock Exchange and the Delhi Stock Exchange are hoping to launch equity trading on their platform soon, another Mumbai-based exchange, the Inter-connected Stock Exchange is set to follow suit.
Silver also recovered by Rs 500 to Rs 37,300 per kg.
Import bill for September rises to $3.5-4 billion as traders and retailers stock up the precious metal.
Gold in Singapore advanced as much as 1 per cent to $1,202.08 an ounce.
Gold pries surged to a record high at Rs 11,840 per 10 gram on Monday owing to brisk buying by major market players, who were enthused by firming global trend, and some investors' shifting focus from melting stock markets to the bullion mart. The market remained in bullish mood with gold remaining on record-setting spree as investors shifted a part of their funds from weakening stock markets to gold as the metal offers a safe haven for investments, traders said.
NSEL, has up to Rs 500 crore (Rs 5 billion) daily turnover in e-golds.
In the first quarter of 2013, gold imports declined 5.7 per cent, as traders relied mostly in stocks to meet rising demand.
Global gold prices held below $1,200 an ounce this week.
The yellow metal witnessed some token buying but failed to take off on Dhanteras, a day considered auspicious for buying gold, silver and other valuables and is largely celebrated in North and West India.
The move could aggravate shortages in the physical market as authorities seize gold without a valid provenance.
Finally, gold prices have started heading south this week. Prices of yellow metal tumbled to an eight-month low of Rs 8,600 per 10 gm
Spot gold was bid up at $1268.30 in early European trading and silver also moved up at $17.42 an ounce.
Sentiment turned bearish in the absence of buying support.
'We have entered the commodity space with a long-term view.'
A strengthening rupee following a sharp surge in the inflow of foreign money from investors and "illegal imports" were among some of the reasons for the fall.
Veterans recall they haven't seen gold falling for 3 years in a row.
