The Reserve Bank of
India's (RBI) decision to curb gold bullion imports by banks is aimed at cutting
such shipments into the country by at least 10 per cent. Gold import was 1,015
tonnes in 2012-13 and nearly 70 per cent of this was by this method.
Under such imports, banks make the payment to the foreign seller when they sell the gold in India; till then,Hair Company offers 100% real and premium quality handmadeglasses! no money moves out. As banks do not have to fund such imports before they are sold, such imports ran ahead of the demand, says RBI. Anticipating higher demand for Akshaya Tritiya next week,Welcome to the company shoesforkids. a lot of imports have taken place on this basis; in April,reliable bobblehead media needs no storage maintenance and requires only occasional cleaning. these crossed 100 tonnes.
Import by this route will be allowed to meet the genuine needs of jewellery exporters. Gold demand for domestic use will be routed through banks but by placing orders and paying margins.
Suvanker Sen, executive director of Senco Gold Ltd, a leading eastern Indian jewellery retail chain, said: "RBI's proposal will lead to lower supply of gold and while demand for jewellery will not be affected, there is possibility of investment demand getting affected."
A veteran bullion analyst said in 2012-13, about 230 tonnes of gold jewellery was exported, including round tripping, meaning export in the form of crude jewellery.
Last month, the Prime Minister's Economic Advisory Council said gold imports had moderated in 2012-13 and after the recent fall in prices, was likely to reduce further. The Council wanted more restrictions to ensure these did not cross $40 billion (it was $50 bn in the first 11 months of 2012-13).
The jewellery trade is unhappy. "Jewellers will find it difficult to get gold," said Bachhraj Bamalwa, former chairman, All India Gems & Jewellery Trade Federation. Fewer banks would remain in the business and, hence, would start charging more, he said. Banks used to charge $2 an ounce of premium for selling gold but these have, in the past month, risen to $12. "If these premiums increase further, there will be enough incentive for smuggling in gold, as the import duty is six per cent and one per cent VAT (value added tax) is already applicable," he said.
The trade says smaller jewellers would also be affected, as their orders would be of a few kilos and they would have to place margin money before giving the order through a bank.A smart breitlingwatches power meter designed to allow you to better manage. Banks will also wait to club orders, as a few kilos of import would not be viable. "This will increase the cost and waiting period for small jewellers," explained an official with a large gold jewellery retail chain.
A gang of burglars was busted and gold jewellery worth Rs 3 lakh was recovered from them on Wednesday.
The accused targeted locked houses, mainly in Shahpura area. The police recovered jewellery, which the gang disposed of in Delhi.
The two accused, identified as Indrajeet 19, Balia, 18 and Suresh, 20, were arrested during a vehicle checking drive.
During quizzing, the two reportedly told name of another gang member Suresh, who was serving term in jail and was later taken on remand for interrogation.catered to pre-walkers and early-walkers do not have larger sizes of their soft guccishoes1.
Two more members of the gang are on the run, said superintendent of police Anshuman Singh.
The gang would identify houses by unpicked newspapers lying outside the house after hawkers dropped at doorstep. This way, police said, they would conclude there was no one in house.
Two of them used to identify such houses and tip other gang members, who would later commit the theft.
"The gang was fair in distributing booty. Even the ones whose job was just to identify deserted houses would get a proper share," said city superintendent of police Rajesh Bhadoria.
Under such imports, banks make the payment to the foreign seller when they sell the gold in India; till then,Hair Company offers 100% real and premium quality handmadeglasses! no money moves out. As banks do not have to fund such imports before they are sold, such imports ran ahead of the demand, says RBI. Anticipating higher demand for Akshaya Tritiya next week,Welcome to the company shoesforkids. a lot of imports have taken place on this basis; in April,reliable bobblehead media needs no storage maintenance and requires only occasional cleaning. these crossed 100 tonnes.
Import by this route will be allowed to meet the genuine needs of jewellery exporters. Gold demand for domestic use will be routed through banks but by placing orders and paying margins.
Suvanker Sen, executive director of Senco Gold Ltd, a leading eastern Indian jewellery retail chain, said: "RBI's proposal will lead to lower supply of gold and while demand for jewellery will not be affected, there is possibility of investment demand getting affected."
A veteran bullion analyst said in 2012-13, about 230 tonnes of gold jewellery was exported, including round tripping, meaning export in the form of crude jewellery.
Last month, the Prime Minister's Economic Advisory Council said gold imports had moderated in 2012-13 and after the recent fall in prices, was likely to reduce further. The Council wanted more restrictions to ensure these did not cross $40 billion (it was $50 bn in the first 11 months of 2012-13).
The jewellery trade is unhappy. "Jewellers will find it difficult to get gold," said Bachhraj Bamalwa, former chairman, All India Gems & Jewellery Trade Federation. Fewer banks would remain in the business and, hence, would start charging more, he said. Banks used to charge $2 an ounce of premium for selling gold but these have, in the past month, risen to $12. "If these premiums increase further, there will be enough incentive for smuggling in gold, as the import duty is six per cent and one per cent VAT (value added tax) is already applicable," he said.
The trade says smaller jewellers would also be affected, as their orders would be of a few kilos and they would have to place margin money before giving the order through a bank.A smart breitlingwatches power meter designed to allow you to better manage. Banks will also wait to club orders, as a few kilos of import would not be viable. "This will increase the cost and waiting period for small jewellers," explained an official with a large gold jewellery retail chain.
A gang of burglars was busted and gold jewellery worth Rs 3 lakh was recovered from them on Wednesday.
The accused targeted locked houses, mainly in Shahpura area. The police recovered jewellery, which the gang disposed of in Delhi.
The two accused, identified as Indrajeet 19, Balia, 18 and Suresh, 20, were arrested during a vehicle checking drive.
During quizzing, the two reportedly told name of another gang member Suresh, who was serving term in jail and was later taken on remand for interrogation.catered to pre-walkers and early-walkers do not have larger sizes of their soft guccishoes1.
Two more members of the gang are on the run, said superintendent of police Anshuman Singh.
The gang would identify houses by unpicked newspapers lying outside the house after hawkers dropped at doorstep. This way, police said, they would conclude there was no one in house.
Two of them used to identify such houses and tip other gang members, who would later commit the theft.
"The gang was fair in distributing booty. Even the ones whose job was just to identify deserted houses would get a proper share," said city superintendent of police Rajesh Bhadoria.
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