Recovery in India's gold demand, which bounced back in the first three months of 2021, has faltered again as surging infections force many states to impose lockdown-like curbs.
Gold purchases in India, world’s second-biggest consumer, jumped 37% in January-March period after slumping to the lowest in more than 2 decades last year.
In Episode 677 of #CutTheClutter, Shekhar Gupta explains why Modi government’s decision to cut import duties on gold might be the beginning of a reformist reversal.
Rajasthan High Court noted that gold was a valuable material and quashed the accused's plea that challenged the filing of charges against him under the stringent anti-terror law UAPA.
Finance Secretary A.B. Pandey says the cut on customs duty shrinks the price difference of gold in the international and the domestic market, and helps enforce a simple and compliant regime.
Basic customs duty on bullion imports were cut to 7.5%, which will not only reduce profit margins for smugglers but also lower costs for consumers who saw prices surge to record highs last year.
The gold is part of 400.47 kg in bullion and ornaments confiscated by the CBI when it carried out searches at the office of Surana Corporation Ltd in Chennai in 2012.
If mainstream investors move just a small portion of gold holdings into the $350 billion Bitcoin industry, it would be a game-changer for diversification strategies on Wall Street.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
PTC Industries is investing Rs 1,000 cr in 4 manufacturing plants in UP, has already started supplying titanium parts to BAE Systems for its M-777 howitzers that India also uses.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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