Investor Issues
Government moots gold exchange for transparent trading
The government is mulling a gold exchange for transparent trading of the yellow metal and to reduce dependence on imports from overseas, a top official said on Tuesday.
 
"A gold exchange for transparent trading will facilitate jewellers to buy and sell the precious metal locally instead of depending on the international market," Economic Affairs Secretary Shaktikanta Das said at a summit here.
 
Inaugurating the third India International Bullion summit, organised by Indian Bullion & Jewellery Association (IBJA), he said such a transparent platform could be used by those who have surplus gold to sell it to those requiring it.
 
"A jeweller who needs gold temporarily can buy it locally instead of importing it," Das said.
 
On the gold monetisation scheme, launched November 6 by Prime Minister Narendra Modi in New Delhi along with two other gold schemes, Das admitted that it was not easy to convince people to part with their jewellery, which had emotional value attached it.
 
"We need to change the mindset and understand the psyche of the people. We need to involve you (jewellers) to talk to traditional customers and bring them into the scheme," he stressed/
 
The other two are gold sovereign bond scheme and gold coin and bullion scheme to mobilise the precious metal lying within the country for re-use and curb its surging imports, which were resulting in huge outgo of foreign exchange and impacting the current account deficit.
 
The Bureau of Indian Standards has invited applications from 13,000 licensed jewellers to act as a collection and purity testing centres across the country.
 
When IBJA president Mohit Khamboj urged the central government to set up a dedicated gold bank to boost the industry, Das said it was not feasible.
 
According to Additional Secretary, Commerce, J.K. Dadoo, a whopping 22,000 tonne of gold, valued at $1 trillion was lying across the country, with about 90 percent of it in temples and religious places.
 
Former SBI chairman O.P. Bhatt suggested that the maturity period for the gold bond scheme should be 10-15 years instead of 8-10 years to make it attractive.
 
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.

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Facebook CEO, wife donate 99 percent shares for humanitarian cause
Facebook CEO Mark Zuckerberg and his wife Priscilla Chan have pledged to donate 99 percent of their Facebook shares -- about $45 billion -- to advance human potential and promote equality for children.
 
Declaring the "Chan Zuckerberg Initiative" as they welcomed their first girl child Maxima Chan Zuckerberg or "Max", the couple on Tuesday said they have created a new foundation that would initially focus on "personalised learning, curing disease, connecting people and building strong communities."
 
"As you begin the next generation of the Chan Zuckerberg family, we also begin the Chan Zuckerberg Initiative to join people across the world to advance human potential and promote equality for all children in the next generation," they posted in a 2,200-word letter to their new-born daughter on Facebook.
 
"We will give 99 percent of our Facebook shares during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others," the couple wrote.
 
We will share more details in the coming months once we settle into our new family rhythm and return from our maternity and paternity leaves, Zuckerberg said.
 
In the letter to their new-born daughter, the new parents said: "Today your mother and I are committing to spend our lives doing our small part to help solve these challenges."
 
Zuckerberg owns about four million of Class A shares in Facebook and approximately 419 million Class B shares.
 
Each Class B share is worth 10 votes apiece which gives Zuckerberg majority voting power and control over Facebook's strategic direction.
 
"We can make progress towards these opportunities only by standing on the shoulders of experts -- our mentors, partners and many incredible people whose contributions built these fields," the letter read.
 
"Max, we love you and feel a great responsibility to leave the world a better place for you and all children. We wish you a life filled with the same love, hope and joy you give us. We cannot wait to see what you bring to this world," the proud parents said.
 
"Many of the greatest opportunities for your generation will come from giving everyone access to the internet. The internet is so important that for every 10 people who gain internet access, about one person is lifted out of poverty and about one new job is created," the letter further read.
 
Yet still more than half of the world's population -- over four billion people -- do not have access to the internet.
 
"If our generation connects them, we can lift hundreds of millions of people out of poverty. We can also help hundreds of millions of children get an education and save millions of lives by helping people avoid disease," the Facebook CEO pointed out.
 
Facebook currently has 1.44 billion monthly active users.
 
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.

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Gas worth Rs.11,000 crore migrated from ONGC to RIL fields: Report
American consultants DeGolyer & MacNaughton have submitted their final report on the gas dispute between state-run explorer ONGC and Reliance Industries (RIL) that says natural gas worth over Rs.11,000 crore has migrated from ONGC's idling KG fields to RIL's adjoining KG-D6 block, an official source said on Tuesday
 
"The report more-or-less reiterates what D&M had said in their draft report that some gas had migrated from ONGC's Krishna Godavari basin blocks to RIL's KG-D6 fields," said the petroleum ministry source, adding that the government will now examine the report to decide the extent of compensation to ONGC for its gas being produced by RIL.
 
"The Supreme Court had in its order stated that the government will, in six months from the date of receipt of D&M report, have to decide on addressing the ONGC contention. That we will do," he said.
 
The D&M report says 11.122 billion cubic meters (bcm) of ONGC gas has migrated from Godavari-PML and KG-DWN-98/2 its Krishna Godavari basin KG-DWN-98/2 (KG-D5) and the Godavari Producing Mining Lease (PML) to Dhirubhai-1 and 3 (D1 & D3) field located in the KG-DWN-98/3 (KG-D6) Block of RIL, as the reservoirs in question are connected.
 
It says that of the 58.68 bcm of gas produced from KG-D6 block since April 1, 2009, 49.69 bcm belongs to RIL and 8.981 bcm could have come from ONGC's side
 
At gas price of $4.2 per million British thermal unit, the volume of gas belonging to ONGC which RIL has produced comes out to worth $1.7 billion (Rs.11,055 crore).
 
ONGC had moved the high court here alleging that RIL extracted gas upto 18 billion cubic meters (bcm) from ONGC blocks resulting in loss of several thousand crores of rupees.
 
In October, RIL had said it has "scrupulously followed every aspect of the production sharing contract and has confined its petroleum operations within the (boundaries of its) KG-D6 Block".
 
It said all its wells were drilled "strictly within the KG-D6 block boundaries, as per the Development Plan approved by the relevant authorities under the PSC (production sharing contract)".
 
"After submission of the final report by D&M, RIL, while reserving its rights under the PSC and in law, will continue to fully cooperate with the ministry of petroleum and natural gas and any actions it takes to comply with the Delhi High Court's order," it added.
 
D&M was jointly appointed by ONGC and RIL to investigate and submit a report on the matter.
 
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.

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