The restrictions on gold imports will be reviewed by March end, Finance Minister P Chidambaram said on Monday.
In the Mumbai domestic market, gold stood at Rs 30,000/10g, down 0.9 per cent, while silver fell 2.5 per cent to Rs 50,275 a kg.
The spotlight is back on the hawala trade in diamonds.
Union Budget 2014-15 is positive for metals and mining companies.
Sectors throw up a wishlist for the Finance Minister.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
A sharp fall in Sensex and rupee against dollar and strong global cues also contributed to the upsurge in gold price, which posted the biggest single-day gain after August 19, 2011. Interestingly, the metal had shot up by Rs 1,310 on August 19, 2011 as well.
CAD touched a historic high of $88 billion in 2012-13.
The tariff value of silver has, however, been hiked marginally to $1062 a kg
The government on Wednesday reduced the import tariff value on gold to $425 per 10 grams due to falling international prices.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
Finance Minister P Chidambaram on said that financing current account deficit (CAD) year after year is a challenge and the only way to deal with the problem is by increasing exports.
Rising fuel prices, intense competition and inability to pass on spiralling expenses have been negatively impacting the domestic airlines.
'Garm Hava understands that the scorching, hate-filled, doubt-filled affair between Hindus and Muslims is our national love affair.' Sreehari Nair revisits M S Sathyu's classic film, featuring the incomparable Balraj Sahni at his finest in his final role.
India celebrated Dhanteras, the biggest gold buying festival, followed by Diwali, when scarcity of the yellow metal and high prices pushed consumers to buy silver and diamond jewellery.
Meanwhile, retail jewellery sales in India have declined by 50 per cent since gold price started its uptrend nearly two weeks. Buyers deferred their fresh purchase amid expectations of a correction in gold prices from the current high level.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
Duty magistrate Shivangi Vyas sent Mahamed Sharif for custodial interrogation, noting that police had to recover certain articles from his residence in Delhi, which were allegedly stolen by him.
'I need mental conditioning and support staff to deal with the mental aspect.'
It was a year of stocks shining bright when it comes to adding to the investors' wealth, and the glitter of gold and silver fading for the second straight year in 2013.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
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Gold, which had surged after government decided to increased import duty, lost Rs 125 to Rs 29,700 per 10 grams.
Asian Games medal winner Fouaad Mirza called for financial help in popularising equestrian in India, saying the government can take a cue from European nations such as the United Kingdom and Germany.
In a bid to boost agriculture infrastructure, the government on Monday announced a cess on certain items, including petrol, diesel, gold and some imported agricultural products. While proposing the Agriculture Infrastructure and Development Cess (AIDC), Finance Minister Nirmala Sitharaman also said that care has been taken not to put additional burden on consumers on most items. There is an immediate need to improve agricultural infrastructure so that we produce more, while also conserving and processing agricultural output efficiently, the minister said in her Budget Speech in Lok Sabha.
Earlier, the RBI had imposed similar restrictions on commercial banks and NBFCs.
The demand for extension of the GST cess regime among others was made by several state finance ministers at a pre-budget consultation called by Union Finance Minister Nirmala Sitharaman in New Delhi. Besides, many states also demanded raising the share of the Union government in the Centrally Sponsored Schemes (CSS). Currently, the central government and state government share in some CSS is 60:40 while in others it is 75:25.
Spiralling prices pinched the pocket of consumer as edible oil, fuel and many other commodities turned dearer this year amid pandemic-induced disruptions but the inflationary pressure is anticipated to ease, though marginally, in the coming months. As consumers, at retail as well as wholesale levels, are willy-nilly learning to live with the new normal of curbs to contain the spread of coronavirus infections, experts are of the view that elevated inflation is likely to stay longer. After dealing with the devastating blows from the second COVID wave, especially during the April-June period, the economy is well on the revival path but the emergence of Omicron might unsettle the recovery trajectory in the short term.
Exports in May 2012 stood at $24.77 billion.
'The change of vocabulary in the India-US conversation was significant and refreshing.' 'It matched the styles of Trump and Modi.' 'The differences were not papered over, but there was determination to resolve them in the days ahead,' says Ambassador T P Sreenivasan.
The fall in reserves was due to a sharp fall in foreign currency assets.
The country's exports grew by 47.19 per cent to $35.17 billion on account of healthy growth in the outbound shipments of petroleum, engineering, and gems and jewellery, according to the provisional data of the commerce ministry. Imports during the month also rose by 59.38 per cent to $46.40 billion, leaving a trade deficit of $11.23 billion. Exports of petroleum, engineering, and gems and jewellery in July increased to $3.82 billion, $2.82 billion and $1.95 billion respectively, the data showed.
Over 100 workers of the MSRTC had staged the protest outside 'Silver Oak', Pawar's bungalow on Pedder Road in south Mumbai on Friday afternoon, catching the police unawares.
In Zaveri Bazar, gold is being traded at Rs 26,920/10 gm
The new car market is estimated at around 30,000 units a year in sales in a good year, whereas the used car market for luxury vehicles is estimated at around 60,000 cars annually.
The country's exports grew 5.37 per cent year-on-year to $27.24 billion in January 2021, mainly driven by healthy growth in pharma and engineering sectors, according to provisional data of the commerce ministry. Trade deficit during the month narrowed to $14.75 billion from $15.3 billion in January 2020. It was $15.44 billion in December 2020. Imports in January 2021 rose 2 per cent to $42 billion.
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The government on Tuesday announced hikes in import duties for gold and silver, but it has yet to unveil other details such as its plan to tax imports of non-essential items.
Metal sector is not too happy from Budget announcements for the sector
The fall in exports of gems and jewellery exports is mainly because of shortage of raw-material for jewellery manufacturing.
Many imported things became costlier as Finance Minister Arun Jaitley on Thursday hiked customs duties on these products in the Union Budget 2018-19.
