The Indian Bullion and Jewellers Association (IBJA) has requested a stay on Income Tax department’s recovery orders, saying it could lead to frauds and bankruptcies in jewellery industry. The jewellers’ body said that assessments were made without proper opportunities of being heard and even all evidences and records were shown to explain cash sales were rejected. The […]
Secondary metal producers have asked the government to cut customs duty on imported metallic scrap and curb cheap imports, arguing they provide jobs but need a level-playing field. The industry faces an inverse duty structure: It pays 2.5 per cent customs duty on imported metallic scrap of aluminium and copper; and 5 per cent on zinc and lead. However, […]
The Commission for Agricultural Costs and Prices (CACP) has recommended the government to frame a dual price policy for sugar trade in India for the benefit of farmers, reports Business Standard. Sugar prices have jumped marginally by Re 1-2 a kg in the wholesale markets due to lower production estimates in India and improving prospects for exports. With this increase, […]
The Reserve Bank of India (RBI) bought 7.5 tonnes of gold in October 2019 for adding to its foreign exchange reserves, which swelled to $461 billion, including $28 billion in gold. The purchase was made after five months, the World Gold Council (WGC) said. The RBI now holds 625.2 tonnes of gold or 6.6 per […]
The Cotton Corporation of India (CCI) has procured about 40 lakh bales of cotton as part of its MSP procurement operations so far during the season, amounting to 25% of the crop arrivals in the market, top officials of the corporation said to the Financial Express. CCI’s target is to procure nearly 90 lakh bales. […]
In the tail end of the peak season of latex harvesting, market has witnessed a long-due price rise for domestic NR (natural rubber). From Rs 120 per kg in the first week of November, the price of premium grade RSS-4 has crossed Rs 137 per kg this week, and expected to touch Rs 150 per […]
India announced the opening of the fifth oil and gas block bid round, offering 11 areas for bidding on revamped fiscal terms. So far, the government has awarded 94 blocks under the Hydrocarbon Exploration & Licensing Policy (HELP) regime in a short time span of two and a half years. These 94 blocks cover an […]
In a major decision which will impact jewellers, gold buyers and those who invest in gold, the government has notified that only hallmarked gold and jewellery will be sold in the country from 15 January 2021 onwards. With it the government has also mandated that hallmarked gold articles in only three grades — 14, 18 […]
Retail inflation in India rose to about five-and-half year high of 7.35 per cent in December 2019, surpassing the RBI’s comfort level, mainly due to spiralling prices of vegetables as onions were selling costlier. The unexpected jump in inflation diminished the chances of the RBI cutting interest rate at its next monetary policy review due […]
Consumer Affairs Minister Ram Vilas Paswan told reporters that the central government is “worried” about disposing imported onions as not many states are interested to take it despite being offered at an average landed cost of Rs 55 per kg. Retail onion prices, which were ruling over Rs 100 per kg in most cities since […]
