Gujarat ATS intercepts a large silver consignment worth 5 crore at Rajkot Airport, suspecting tax evasion.
Despite a sharp increase in import duties on gold and silver to 15 per cent, the precious metals are trading at significant discounts in the domestic market, with gold seeing discounts of up to $200 an ounce and silver up to $6 an ounce.
India's merchandise exports experienced a slight decrease in February, while imports surged due to increased gold and silver purchases, leading to a widened trade deficit. The West Asia crisis is expected to further impact trade in the coming months.
The textile and apparel sector is India's second-largest employment provider, after agriculture, and it is now caught in a wave of uncertainty following the Donald Trump administration's tariff policy.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
After recording significant decline in September, gold and silver imports jumped by 62.5 per cent to $1.3 billion in October this year.
Gold and silver imports declined 80.55 per cent to $1.05 billion in November after a slew of measures taken by the government to curb inbound shipments of the metal, aimed at narrowing the current account deficit.
Exports contracted by 2.6 per cent to $34.47 billion in September even as the country's merchandise trade deficit narrows to $19.37 billion during the month under review, according to the government data released on Friday. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September, the 10th consecutive month of decline. During April-September this fiscal, exports contracted by 8.77 per cent to $211.4 billion.
The valuables include polished diamonds, pearls and silver jewellery and are worth Rs 1,350 crore.
With the Tokyo Paralympics opening on Tuesday, here's a look at all the past Indian medallists.
The spotlight is back on the hawala trade in diamonds.
As per a data released on Monday by the government, gold and silver imports during April jumped by 138 per cent to $7.5 billion against $3.1 billion in the year-ago period.
Don't miss this emotionally fascinating drama that stubbornly refuses to have anything to do with filmmaking conventions.
The first Indian woman to clinch a Paralympic medal, a thrilled Deepa Malik says her F-53 shot put silver is a result of being daring enough to dream. Deepa's best throw of 4.61m from her six attempts was enough to clinch the silver medal. "I dared to dream and I have determination to work hard and the passion and perseverance to follow that dream. Women often lose that and I have ensured that my family is not neglected, my children are doing well too," Deepa said.
Mo Farah's aura of invincibility after six years of unrelenting success was finally cracked in his very last major track race on Saturday as he lost his world 5,000 meters title to Ethiopia's Muktar Edris.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
The bespectacled, tattooed 28-year-old, whose world championship triumphs have gone hand in hand with Olympic calamities, completed a hammer double for Poland after Anita Wlodarczyk's equally conclusive triumph in the women's event.
Such is the force of his oratory that many Muslims, even those who don't vote for him, have come to believe that Asaduddin Owaisi is the first and only politician who speaks up for Muslims since Independence, observes Jyoti Punwani
Usain Bolt's final appearance on the track ended in agony on Saturday as he pulled up injured running the final leg of the World Championships 4x100 metres relay as Britain stunned the United States to win a shock gold medal.
Imports in July 2012 were 65 tonnes, said a bullion analyst.
Mischa still finds time to tease 'Sascha', despite his little brother's rapid ascent up the tennis rankings.
The heist stretch of the movie is not without imagination, but arriving at that chunk, and sitting through what follows, can be bad for your skin, warns Sreehari Nair.
Not everything the devotees consigned to the sea on Monday at the end of the 11-day Ganpati festival is retained, a lot of it is in fact comes washing up in the tide. Paloma Sharma/Rediff.com speaks to the volunteers involved in the clean-up.
'After Rajan is back in India, our resident dons are almost down. I won't say that they are out. So, now the obvious question is about Dawood, and the present government, I think, is more than willing to address that issue.' 'I think the political system made this kind of people; the corporate world made this kind of people. I have mentioned in my book that even the banks were using these outlaws to get their money back.'
