Gems and jewellery industry bodies oppose proposed DTC

The two industry bodies have strongly objected to two key issues of DTC, which include search and seizure provisions and 10% TDS on all payments

The national body for jewellery trade the All India Gems & Jewellery Trade Federation (GJF) and apex industry body Gems and Jewellery Industry (GJI) have opposed the proposed Direct Taxes Code (DTC), reports PTI.

Both the industry bodies have also made representations to the finance ministry to seek modifications in the DTC.

According to All India Gems & Jewellery Trade Federation chairman Vinod Hayagriv, "GJF strongly objects to two key issues of DTC, which include search and seizure provisions and 10% tax deducted at source (TDS) on all payments."

"GJF has more than 300,000 manufacturers, wholesalers and retail jewellers in India, which are already reeling under the effects of global recession. If our suggestions are not considered and necessary changes are not incorporated in the DTC, the proposed provisions will be highly detrimental to the operations of the assesses of the GJI and have the potential to adversely affect the very sustenance of such assesses," he added.

The seizure of such stock-in-trade of jewellery, bullion and precious stones would create great difficulties for the assesses of the GJI as it would result into cessation of their manufacturing operations resulting into loss of sales and break down of their entire business activity.

This is discrimination towards a single industry, such extreme measures are not applied in any other industry, so far. In case the amendments are not made in time, GJF shall call for a nationwide bandh (strike) and stall activities across the country, he said.

"We also strongly oppose deduction of 10% tax on all payments made for gold, diamonds, jewellery etc," former chairman All India Gems and Jewellery Trade Federation Ashok Minawala said.


RIL announces new oil discovery in Gujarat block

Though this is the seventh oil discovery in the block, the company has yet not put a reserve estimate for any of the oil finds in the area

Reliance Industries (RIL) today said that it has made a seventh oil discovery in the Gujarat block, reports PTI.

The well, CB10A-N1 encountered hydrocarbon bearing zone between 1,388 and 1,403 metres below the earth in the block CB-ONN-2003/1 near Ahmedabad, the company said in a press statement in New Delhi.

"The well flowed at a rate of 410 barrels of oil per day," it said.

RIL, which has so far drilled 17 exploratory wells in the block, of which only six contained oil. The company has named the new discovery 'Dhirubhai-50'.

Though this is the seventh oil discovery in the block, the company has yet not put a reserve estimate for any of the oil finds in the area.

The company said it had notified the government and the Directorate General of Hydrocarbons (DGH) about the new find. "The potential commercial interest of the discovery is being ascertained through additional data gathering and analysis", added the company statement.

The block CB-ONN-2003/1 is located at a distance of about 130 km from Ahmedabad in Gujarat, in the Cambay basin. The block covers an area of 635-sq km in two parts—Part A and Part B.

RIL, as operator, holds 100% stake in the block. It had won the block in the fifth round of auction under the New Exploration Licensing Policy (NELP-V).

While the entire block was covered with 2D seismic, about 80% of the block area has 3D seismic coverage. Of the 17 exploratory wells drilled in the block by RIL, so far, 13 are located in Part-A and the remaining 4 in the Part B of the block.

Earlier on 11th June, RIL had informed of its sixth oil discovery in the Gujarat block. Based on acquired 3-D seismic data on this block, the company expects several more potential finds in the area.


A Mind Game

How can you increase your chances of winning?

My previous book review (see: led me to attribute reason for my taking profits early, which meant smaller profits than I deserved, to lack of proper methodology. This book points me to another important aspect for it: hardwired psychological inclinations of risk aversion. It also answers why people, including me, ride loser stocks too long. Kiev is a psychiatrist who has written numerous books on related subjects. This book attempts to take another cut at the issue of successful trading by looking across a range of skill sets that are integral parts of the successful trader: a goal-oriented strategy, risk management, creative thinking, and a capacity for collaboration and leadership.

One question the book tries to answer is “How can you increase your chances of winning?” from a psychological perspective. The book explores the nature of investing and trading in terms of being a probabilistic field of endeavour and the kinds of traits and personality characteristics that must be developed to increase the likelihood of success. Kiev views the field of investing as ‘sports betting’ and that a trader can increase his/her odds of winning by learning to bet on high-probability bets. The approach that is imprinted throughout the book is to challenge oneself to be able to think originally and in terms of what is not immediately apparent. The “thinking outside the box” approach is about trusting your intuition and then developing the kind of research process that will support your hunch and not simply rely on conventional sources of information. It means investing in a lot of research to uncover expected value of a company that is beyond published reports. Traders can look for pricing discrepancy, disconnects, and other things that suggest that buying a company gives you a good shot at winning the bet in a reasonably well-defined time period, increasing your odds of winning.

Successful trading, Kiev asserts, requires an unusual and sometimes contradictory blend of intellectual and psychological abilities, including the willingness to take risks, but in a very controlled manner; the discipline to develop high-conviction trading ideas in the face of unpredictable markets and incomplete information, as well as a strong drive to win—but also accept failure. A person who is too cautious or a complete perfectionist is not a good candidate for portfolio management as much as someone who is too impulsive or an irrational risk-taker. At the end of the day, perseverance, experience, and drive serve to compensate for weakness in personality and natural talent. Kiev’s views are supported and articulated with interviews from contemporary traders and portfolio managers. This covers numerous aspects such as: Intellect, Instinct and Guts; Goal Directedness; Ability to take risk; Importance of Ingenuity; Separating Emotions and Decisions; Nurturing team players; Directing Success. These are personality traits Kiev wants hedge fund managers to understand how to look for and choose the best person for a job from the pool of highly-talented individuals.

Some of the things covered in the book may already be known to you. Other things may look obvious and you may want to acquire that personality trait. By all means go for it. My belief is that our personality is somewhat hardwired. It is something based on all our life experiences and reactions to it that are stored in our subconscious. Most of the time how we behave comes from our subconscious. It is possible to reprogram it, but it will take time and effort. It will be foolish to expect that one can develop the right blend of risk-taking ability just by reading this or any other book. Take it in a positive approach as a new beginning in a right direction. Don’t buy this book if you are a trader looking for anything other than psychological aspects to help you in trading.


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