Alternative Investment
Gold deposit scheme collected only 400 grams: report
Only 400 grams have been deposited so far under the gold deposit scheme and the government has agreed to review the scheme and open more centres for gold testing and depositing in banks, says a report
 
The gold deposit scheme launched amid fanfare by Prime Minister Narendra Modi two weeks ago has so far attracted only 400 grams, says a report from Reuters quoting an industry official.
 
Quoting, Anil Sankhwal, the northern regional chairman of Gem and Jewellery Export Promotion Council (GJEPC), the reports says, a shortage of centres to assay the gold being put on deposit is a problem that the government has agreed to address.
 
After meeting with Finance Ministry officials, Sankhwal told reporters that only 400 grams have been deposited so far (under the gold deposit scheme) and the government has agreed to review the scheme and open more centres for gold testing and depositing in banks.
 
Indian households’ fascination for gold is as old as India’s history and has only grown over the years. As a result, gold jewellery has been used both as an asset and as a hedge against adverse circumstances. The household investment in physical asset had risen to 66.4% in FY12 from 49.6% in FY06, before declining to 58.7% in FY14. The households’ fascination for gold however did not diminish much. Their savings in the form of gold & silver ornaments had reached Rs37,267 crore in FY13 before declining somewhat to Rs33,427 crore in FY14.
 
The gold monetisation scheme is also a welcome step taken by the government to unlock the value of gold held by households or institutions and to reduce the dependence of Indian investors and gems and jewellery sector on imported gold. Also, it is an improvement over the existing gold deposit scheme 1999.

User

COMMENTS

Prashant Rane

1 year ago

I want to use this scheme but even after searching on google I am not aware how practically do I deposite my gold? No information on banks , refining centers? Can anyone tell some detail practical procedures with physical address of participants.

Prakash Bhate

2 years ago

Just shows that people do not trust the Government.

Nifty is headed higher – Thursday closing report
Nifty may now target 8,000 and higher
 
We had mentioned that Nifty, Sensex may find short-term bottom and that Nifty may move a bit lower, but may find a bottom around 7,600. Key Indian equity indices surged on Thursday as investor mood was upbeat over some key reform-oriented decisions taken by the government. The gains in the indices at the close of trading were around 1.4%-1.5%. The day’s trends of the major indices are given in the table below:
 
 
A day after the central government announced a string of major decisions to increase public spending in the infrastructure sector and with heightened chances of key reforms getting passed during the upcoming parliament session, Indian equity markets exhibited buoyancy on Thursday, supported by strong global cues. In addition, a strengthening rupee restored investor confidence. Attractive stock prices and announcements of disinvestment and interest subvention scheme for exporters brought back investors.
 
On Wednesday, the Union Cabinet, headed by Prime Minister Narendra Modi, was in overdrive as it approved 27 decisions -- including some key ones such as divestment of equity in Coal India and direct subsidy for cane farmers. These decisions signalled continuation of economic reforms and closely followed an official note issued last week, in which foreign equity norms were relaxed in some 16 sectors.
 
The government's efforts to reach out to the opposition before the crucial winter session to get the Goods and Services Tax (GST) bill passed cheered the markets.
The federal open market committee (FOMC) minutes of the US Fed's October meeting which were released late on Wednesday lessened chances of an interest rate hike. The minutes decreased the possibility of a rate hike in December 2015, as inflation and retail sales have shown less-than-expected growth.
 
All these factors buoyed markets, and Wednesday’s losses were reversed. The market is bullish again. Asian indices have also recorded more than 1% gain in the day’s trading on Thursday.
 
The government on Thursday provided a fillip to high-tech investors. Innovators seeking government help to transform their ideas into reality can now turn to a dedicated web portal to be set up for them, a minister said. "I have decided that there will be a separate, dedicated portal of my ministry dedicated to the innovators of India," IT Minister Ravi Shankar Prasad said at the Intel DST Innovate for Digital India Challenge event in New Delhi. "Anyone can put their innovation on the portal, and my department will follow them up," Prasad said. "I will personally monitor the progress of how these ideas are being followed up."
 
In another favourable development for the technology industry, global IT giant Intel on Wednesday launched a centre in a Telangana village under a new initiative aimed at working with the governments of various states to create a blueprint for digitisation of rural India. The first such Digital India Unnati Kendra under the initiative "Ek Kadam Unnati Ki Aur" has come up in Nadimpalle village in Mahabubnagar district. It will be used to create the framework for the Telangana model digital village. Besides providing various citizen services under the Telangana government's e-panchayat programme, the centre will provide devices, relevant local content and training for citizens thereby creating opportunities for development and empowerment. The centre is training 800 people in the village in digital literacy. Intel is also distributing among households its product PC on a stick which converts a television into a computer. The centre is also providing content through Intel's partners. Intel has roped in Micromax, HP, Snapdeal and Shweta Computers and Peripherals as partners for the initiative. They will contribute through their content, solutions, products and services. Such a development could help in the growth of all players in the IT industry.
 
Consulting and enterprise solutions company TAKE Solutions Ltd on Wednesday announced that it has entered into an agreement to acquire the Bengaluru-headquartered Ecron Acunova for Rs115 crore. In a statement issued here, TAKE Solutions said Ecron Acunova was in the life sciences service space. "This association will enable TAKE add expertise in the areas of Biosimilars, Regenerative Medicine and Diagnostic imaging agents space which are emerging growth areas. This will help TAKE move the addressable market for its services to $30 billion. It will also significantly enhance presence in Europe and Nordic countries," the statement added. TAKE Solutions share price closed at Rs185.90, up 2.0%, on the BSE.
 
In a blow to the low-cost packaging industry, the Uttar Pradesh government may announce new policy measures. Use of polyethene across Uttar Pradesh may be banned by this year end, an official said on Thursday. The Allahabad High Court (HC) has directed the state government to ban the use of polyethene across the state by December 31. Responding to the rap by the court with regard to delay in banning polythene sheets and bags, the government informed the court that a draft proposal for this was ready. Sources said the government would promulgate an ordinance before the end of the year 2015 and ban use of polyethene across the state. Officials also informed the court that the draft proposal has been okayed by the chief secretary during a meeting on October 26 and that it would soon be presented before the cabinet. Common people have been asked to send in their feedback, objections and suggestions on the issue and once this is done the proposal will be presented before the state cabinet, an official informed IANS. A bench of Chief Justice DY Chandrachur and Justice Yashwant Verma has asked the government to implement the ban before December 31.
 
Also from Uttar Pradesh, there was negative news from the agricultural output front, which could affect rural demand adversely. As many as 50 of the 75 Uttar Pradesh districts have been declared drought-hit, an official said on Thursday. The revenue collections in the affected districts would remain suspended till March 31, 2016, the official added. The decision was taken by Chief Minister Akhilesh Yadav after assessing detailed district-wise report of the drought situation. Among the districts declared drought-hit are Faizabad, Jhansi, Sant Ravidasnagar, Lucknow, Allahabad, Mirzapur, Ballia and Ghaziabad. Extensive relief measures have been ordered by the chief minister and departments like irrigation, rural development, panchayati raj, agriculture, social welfare, institutional finance, animal husbandry and health have been asked to execute special schemes to mitigate the problems faced by farmers in these areas, a government official told IANS.
 
Two-wheeler major Hero MotoCorp on Wednesday reported 11% growth in sales during the just concluded festive season this year. The world's largest two-wheeler manufacturer reported that retail sales of over 1 million units, during the 35-day festive period, starting from the Navratras. The company credited the sales growth to healthy customer response for Maestro Edge and Duet scooter and increasing demand for new Splendor PRO motorcycle. "These, along with the robust sales of Passion PRO and Glamour bikes, and the continuing popularity of Pleasure and Maestro scooters have resulted in this double digit growth," the company was quoted in a statement. The shares of the company closed at Rs2,591.35, up 0.76% on the BSE.
 
Besides equities, the rupee too made gains during the day's trade. It closed Thursday's trade higher by 11 paise at 66.19 to a US dollar from its previous day's close of 66.30 to a greenback. 
 
The foreign institutional investors (FIIs) were net sellers in the day's trade at stock exchanges, whereas the domestic institutional investors (DIIs) were net buyers. According to data with stock exchanges, the FIIs sold stocks worth Rs.343.18 crore, while the DIIs bought stocks worth Rs.233.82 crore.
 
The top gainers and top losers of the indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

User

Calcutta HC cancels ex-minister's bail in chit fund scam case
The Calcutta High Court on Thursday allowed the CBI's plea for cancellation of bail granted to Saradha chit fund scam accused and senior Trinamool Congress leader Madan Mitra by a lower court last month.
 
A division bench of Justice Nishita Mhatre and Justice Tapas Mukherjee asked Mitra to immediately surrender in the court of Additional Chief Judicial Magistrate, Alipore, on receiving a copy of the order.
 
"The CBI's plea is allowed," said the court before a packed house, as Mitra's supporters, including his two sons, looked crestfallen.
 
The development came a day after Mitra quit as West Bengal transport and sports minister, apparently to blunt the Central Bureau of Investigation's argument that his continuation in the cabinet was proof of his immense influence, even though he was indicted and jailed in the multi-crore rupee scam.
 
The CBI pleaded on Wednesday that Mitra, being an influential person, might hinder investigation and tamper with evidence if not kept in custody.
 
Mitra was granted bail by a lower court on October 31, after his plea was rejected multiple times by courts, including the Calcutta High Court.
 
The Trinamool leader got the relief nearly 11 months after his arrest on December 12 last on charges of cheating, conspiracy and criminal breach of trust in connection with the state's biggest financial scandal that came to light in April 2013.
 
The CBI on November 3 moved the high court for bail cancellation, contending that the lower court order suffered from "illegality, perversity and arbitrariness".
 
On November 5, a vacation division bench of justices Joymalya Bagchi and Mir Dara Sheko ordered Mitra to be kept in house confinement till the disposal of the matter by a regular division bench.
 
Pressing for the cancellation of the bail, CBI counsel K. Raghavacharyulu said the lower court, while granting bail to the politician, "did not reflect on the changed circumstances" which prompted it to grant the relief when the high court itself had rejected Mitra's bail petition.
 
Raghavacharyulu alleged that Mitra's son had in February threatened a driver for giving a statement to the CBI. However, Mitra's lawyer S.K. Kapoor vehemently denied the charge.
 
Opposing the CBI's contention, Kapoor said the prosecution could not provide any evidence of Mitra either interfering in the investigation or tampering with the evidence. He also argued that his client was indicted in only one of the five charge sheets filed by the probe agency so far.
 
"When they have filed so many charge sheets, what is the need for his further detention," he said, and accused the CBI of indulging in a "pick-and-choose" policy. 
 
Kapoor said the agency did not appeal against the cancellation of the bail given to co-accused Sandhir Agarwal, who was also granted the relief on the same day as Mitra.
 
The CBI counsel said the process had been initiated to seek cancellation of Agarwal's bail.
 
As the court accepted the CBI plea, Kapoor requested that Mitra be allowed to remain in house confinement on medical grounds but the court declined.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)