Prime Minister's Economic Advisory Council Chairman C Rangarajan dashes bullion firms' duty cut hopes.
The four officials were asked questions related to the UPA government's '20:80' gold import scheme, which was cleared by Chidambaram on May 13, 2014, barely three days before the counting of votes of the general election
The commerce ministry has called a meeting on Monday to discuss tighter norms amid reports of increased round-tripping of gold
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.
Traders said increased buying by stockists and retailers mainly kept gold prices remain higher for the third day.
Silver also dropped Rs 560 to Rs 36,440 per kg.
At 12-15 tonnes, the imports in September are estimated to be much lower than in the same month last year.
In domestic market, gold prices had peaked to Rs 39,011 per 10 grams in September and are now ruling at Rs 38,800 per 10 gram.
ED team managed to get several bank statements from Barbados, Dubai, Hong Kong etc. which prove vital overseas link and money trail relating to Nirav Modi and his aides.
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In Mumbai, gold of 99.9 and 99.5 per cent purity rebounded by Rs 170 and Rs 190 to Rs 30,650 and Rs 30,520 per ten grams, respectively. Silver jumped by Rs 1,050 to Rs 46,800 per kg.
The government on Wednesday hiked the import tariff value on gold and silver to $431 per 10 grams and $646 per kg, respectively, taking firm global cues.
Wanted diamond merchant Nirav Modi on Thursday lost his fight against being extradited to India as a United Kingdom judge ruled that he can be sent back to face charges of fraud and money laundering in the estimated $2 billion Punjab National Bank scam case.
Silver prices also jumped by Rs 500 to Rs 45,000 per kg on increased offtake by jewellery fabricators and industrial units.
Gold schemes are offering attractive returns to investors.
Two-thirds of gold demand in India comes from rural areas where jewellery is a traditional store of wealth.
Traders said brisk buying by stockists and jewellery fabricators to meet the rising festive and wedding demand mainly led an upsurge in gold and silver prices.
Daily wage earners and casual low income group workers were the worst affected
'We did not know we would one day dominate nearly 70 per cent of the market.' 'Today, of 100 diamonds available for trade in Antwerp, 93 are cut and polished in India.' A fascinating excerpt from Shantanu Guha Ray's The Diamond Trail: How India Rose To Global Domination.
The overall gold demand during the second quarter of 2013 stood at 1,148 tonnes, the World Gold Council Q2 Demand Trends report said.
Broader markers outperformed their larger peers.
Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
Steps such as safeguard duty in the works to plug the route
Dhanteras is considered auspicious for investment and buying gold.
Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
The first of its kind, a gem bourse to cater to the needs of the gemstone industry of the Pink City where all the business could be transacted under one roof, would soon become a reality.
The case goes back to 2014, where the diamond merchant had pleaded guilty, though indirectly, for mis-declaration of exports of diamonds.
For the last few days, Surat-based diamond exporter Savji Dholakia has been inundated with job applications.
Under GST, the small and medium industries would have to handle things on their own, says V S Krishnan.
During the searches, a few thousand Pakistani rupees and currencies belonging to the UAE and Saudi Arabia as well as incriminating documents were found
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Trading activities of 26 entities, including Gitanjali Gems promoter Mehul Choksi and firms linked to Prime Broking, were suspended on Thursday by market regulator Sebi and the bourses, as part of a probe into suspected market manipulations.
People who have no access to or do not trust the financial system are the only ones for whom investing in gold makes sense, says Naval Goel.
Silver is emerging as a stronger bet for the long-term.
The period of assessment of these defaulters range from 1989-90 to 2013-14.
The 30-share Sensex ended down 339 points at 28,119 and the 50-share Nifty closed 100 points lower at 8,438.
In China, premiums fell to about $1.50 an ounce on Friday from $2-$3 an ounce.
Raids are being carried out across the country by the Income Tax department in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital.
Bulk seizures of new currency continued on Saturday with some more incidents being reported, including one in which the IT department recovered Rs 5.7 crore cash in new notes secretly stashed inside the bathroom tiles of a hawala dealer in Chitradurga district in Karnataka.
The judge fixed April 26 as the next date of hearing when he will appear via video link from jail.
Devangshu Datta highlights the silver lining for the long-term investor.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
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