In New Delhi, the price of 22-carat gold iis holding steady at Rs 46,000 per 10 gram, while in Chennai it is Rs 45,530
Virus has led to checking being shifted from baggage to passengers
Gold and silver rise sharply on safe-haven appeal in a global economy prone to more downside risk
The government has also allowed rupee derivatives to be traded GIFT-IFSC, with an intention to bring all offshore rupee trading onshore with a 22-hour trading window
IFSC has the potential to become a centre of international finance and high end data processing, the Finance Minister said during her speech
Bullion dealers said the trading sentiment was bullish, amid hectic buying for the ongoing festive and marriage season.
Illegal inflows have jumped after the Indian government increased import taxes in July and prices surged to record highs in September.
The market potential for bullion banking in India, according to the council, has an estimated value between $300 million and 500 million
After consolidating for a few days, gold and silver prices spiked yesterday on fears that inverse short- and long-term bond yields in the United States will lead to recession
The framework will also ensure responsible sourcing, assaying and certification for the jewellery value chain
Gold delivery rules and spot exchange also on agenda, three committee likely to be set up
Adds Rs 200 per 10 grams on firm global trend; silver sheds Rs 100 on lower industrial offtake
Government is working on follow up measures to improve compliance by bullion trade. The proposal under consideration is to limit cash dealing among bullion dealers up to Rs.50,000 only and any transactions above that shall be through banking channel. The proposed move may not be applied to retail jewellers when they sale jewellery to customers as customers are still allowed to buy jewellery up to Rs.200,000 in cash without providing PAN. However jewellers buying from whole sales or goldsmiths buying gold bars from dealers have to be through banking channel above Rs.50,000 if the proposal is accepted.The move follows jewellers dealings which were in eye of storm immediately after demonitisation was announced when they heavily sold gold in cash at a huge premium by accepting high value currency notes which were withdrawn from the system on November 8 last year. In income tax raids that followed the premium gold sales by jewellers against withdrawn currency notes, in further scrutiny IT .
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Silver sheds almost 7% to Rs 41,600 a kg; jewellers shut since Nov 11 after I-T Dept carried out surveys, suspecting profiteering, tax evasion