In a written reply to the Rajya Sabha, minister of state for finance, JD Seelam, said, “The enforcement agencies during the first nine months of 2013-14 have seized 1,074.41kg of gold as against 326.23kg seized during the entire 2012-13 fiscal. The cases booked by Directorate of Revenue Intelligence (DRI) and customs field formations indicate that there has been an increase in gold smuggling during the past one year. The increase may be partly attributable to the fluctuation of the price of gold and customs duty rate,” he said.
Mobile operator Vodafone India announced the roll-out of its mobile money transfer facility ‘M-Pesa’ in collaboration with ICICI Bank in Punjab as part its plans to deepen its pan-India footprint. Vodafone India plans to tap education hubs, industrial clusters and defence personnel located across Chandigarh, Ludhiana, Jalandhar, Bathinda, Pathankot and Amritsar with the launch of its mobile money transfer and payment service. This service allows customers to transfer money to any mobile phone, remit money to any bank account, make utility payments, recharge mobile, make payment for DTH TV services and earn interest on deposits.
S EBI has given in-principle approval to the Institute of Mutual Fund Intermediaries (IMFI), promoted by AMFI, to set up a self-regulatory organisation (SRO) for distributors of various fund houses in the country. The SRO will assist SEBI and AMFI in regulating fund distributors and ensuring a cordial relationship with mutual fund houses.