NSEL, has up to Rs 500 crore (Rs 5 billion) daily turnover in e-golds.
Kerala IT Secretary M Sivasankar was removed as Secretary to Chief Minister Pinarayi Vijayan on Tuesday, in the backdrop of the gold smuggling controversy, where the role of a former woman employee of the IT department is being probed.
As govt tries hard to choke the metal import, entry through unofficial channels doubled to 60 tonnes in first 5 months of this financial year
The Karnataka government has withdrawn its order directing the Criminal Investigation Department to probe possible lapses and dereliction of duty by police officers at Kempegowda International Airport in Bengaluru in connection with actor Ranya Rao's gold smuggling case. The CID probe order was issued on Monday night. A subsequent order on Wednesday withdrawing the CID investigation stated that Additional Chief Secretary Gaurav Gupta is already probing the possible role of Ranya's stepfather, K Ramachandra Rao, a DGP-rank officer, in the case. Gupta's inquiry will focus on the facts and circumstances leading to the misuse of protocol-related facilities and Rao's involvement in the case. Recently, gold bars worth Rs 12.56 crore were seized from Ranya at Kempegowda International Airport here. The next day, officials said, searches were conducted at her residence where gold jewellery worth Rs 2.06 crore and Rs 2.67 crore in cash were recovered.
Recent regulations may have caused official gold imports to fall dramatically but evidence of smuggling is rising.
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.
D Subbarao reiterated concerns over rising gold imports and its pressure on current account deficit.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
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.
WGC had earlier estimated around 200 tonnes of gold was brought into India through smuggling in calendar year 2013.
The episode came to light in July when certain human rights bodies alleged that UN peacekeepers stationed in Congo's North Kivu province near the Rwandan border were indulging in trafficking of gold.
Kannada actress Harshavardhini Ranya, accused in a gold smuggling case, has alleged that DRI officials assaulted her and forced her to sign blank and typed papers. She claims she was wrongly accused of carrying over 14 kg of gold upon her return from Dubai and was physically abused while in detention. Ranya also alleges that officials threatened to expose her father's identity if she refused to sign fabricated statements.
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
The move could aggravate shortages in the physical market as authorities seize gold without a valid provenance.
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.
The enforcement agencies during the first nine months of 2013-14 have seized 1,074.41 kg of gold
Around Diwali, the premiums had gone up to as much as 3.5 per cent.
Custom authorities have been keeping strict vigil on the cargo movements from Bhutan, Taiwan, China, Afghanistan, South Korea Japan, and Dubai since January.
Gold demand in India is expected to be robust in 2014, likely leading to a further jump in smuggling if curbs on bullion imports remain, the World Gold Council (WGC) said.
To check rising current account deficit, the government raised import duties and the RBI imposed curbs on import of the metal and also laid down various pre-conditions for inward shipments of the precious metal.
Hawala premium crosses 4 per cent%, as Akshay Tritiya boosts demand; spot delivery premium also doubles.
The high import duty on gold, local taxes and restrictions on imports are leading to a rise in smuggling of the commodity into the country.
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.
In a draft paper prepared by the RBI seeking public opinion until January 18, the banking regulator has proposed a financial instrument linked to gold to curb the demand of its physical holding.
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).
Official imports into India shrank almost 90 per cent in the six months to November
Sukanya Verma looks at Bollywood's best-known diamond robberies in film.
Gold, the safest haven amid the ongoing uncertainty, also emerged as one of the most lucrative investment options in financial year 2022-23 with an impressive return of 16.1 per cent in rupee terms, and 2.3 per cent returns in dollars. And, had it not been for the very high inflow of smuggled gold and the huge discount prevailing in the market due to high prices, the returns in gold would have been much higher, analysts said. The precious metal has consistently been delivering positive returns in India since 2016.
The Congress demanded a National Investigation Agency probe into the matter while BJP state chief K Surendran courted arrest for forcefully entering the complex soon after the fire broke out. Fire department sources told PTI that their personnel at nearby Chenkalchoola were informed about the incident at 4.45 pm and by the time they reached the spot, the room was filled with smoke.
Shah also said Kerala used to be known for development, literacy and for promoting tourism, but "with the ruling LDF and opposition UDF coming to power alternately has resulted in making the state a platform for political violence."
Looking at the OTT releases coming up this summer.
Flight attendants, football coaches, renegade robots, underwater superheroes, it's all there on OTT this week.
Smuggled gold, which is selling sharply lower than the spot market price, is also responsible for discounts not ending. Some consumers are selling high amounts of gold.
India is scrambling to crack down on a new gold smuggling tactic that it fears could accelerate a flood of illegal imports of the precious metal into the world's second-biggest buyer.
March was the worst month for gold imports because of a strike by jewellers over the imposition of an excise duty.
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.
Non-resident Indians are bringing gold into the country by taking advantage of rules that allow each individual to carry 1 kg of the metal, helping traders cope with restrictions on imports during the peak wedding season.
India imported 769 tonnes of gold in 2014, down from 825 tonnes in 2013.
The Taliban regime has appointed Ikramuddin Kamil as the acting consul in the Afghan mission in Mumbai, Afghan media has reported. This is the first such appointment made by the Taliban set up to any Afghan mission in India. The appointment, announced by the Ministry of Foreign Affairs of Afghanistan, is seen as an effort to strengthen diplomatic ties with India and enhance its presence abroad. Kamil, who holds a PhD degree in international law, is expected to facilitate consular services and represent the interests of Afghanistan in India.
India made it mandatory for customers to disclose their tax code, or Permanent Account Number (PAN), for purchases above Rs 200,000.
