Gold reserves found in India; UP’s Sonbhadra district estimated to have 52,806 tonnes of gold

After almost two decades of exploration, the Geological Survey of India and Uttar Pradesh directorate of geology and mining have discovered two deposits with estimated gold reserves of 52,806 tonne in Sona Pahadi and Hardi villages in the Uttar Pradesh’s Sonbhadra district. This large  gold reserve is more than twice of India’s current household stocks […]

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SEBI board allows non-bank custodians to manage gold products

India’s regulator, the Securities and Exchange Board of India (SEBI) board has decided to allow non-banking custodians to manage gold-exchange traded funds (ETFs) and other gold-related products. Banking custodians can continue to provide these services, it stated after a meeting. The board decided to bring amendments to the SEBI (Mutual Funds) Regulations, 1996, in this […]

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India’s jewellery industry urges govt to cut import duty on gold, polished diamonds

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The gems and jewellery industry  urged the government to reduce the import duty on precious metals, cut and polished diamonds and gemstones and amend taxation laws to give domestic traders a level playing field in the global market. Speaking at the 13th edition of the India International Jewellery Show (IIJS), Gem and Jewellery Export Promotion Council (GJEPC) Chairman […]

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India’s Chief Economic Advisor calls recent inflation spike transitory

A surge in onion prices contributed around 70 basis points to retail inflation that scaled a 68-month peak of 7.59 per cent in January, chief economic adviser Krishnamurthy Subramanian said, stressing that the latest spike in inflation is “transitory” and is substantially driven by volatile vegetable prices and an unfavourable base, reported Financial Express.. He […]

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