Bonds, Currencies & Commodities
Reliance Capital suspends gold sales to curb gold imports

The company said the decision has been taken in view of the government’s “publicly stated objective of minimising gold imports that are seriously hurting the country's economic interests”

 

Amid growing concerns over huge gold imports hurting the country's economic strength, financial services major Reliance Capital on Friday became the first company to suspend gold sales across all its businesses.

The decision includes suspension of sale of gold coins and other physical forms of the yellow metal, as also as an investment product across all its businesses and subsidiaries, Reliance Capital said in a statement.

Part of Anil Ambani-led Reliance Group, the company said the decision has been taken in view of the government’s “publicly stated objective of minimising gold imports that are seriously hurting the country's economic interests”.

According to industry watchers, more companies are expected to follow suit with similar measures, as rising gold imports continue to burden the country's current account deficit.

The government has been consistently asking for measures to curb flow of household savings into idle assets like gold and channelize these funds towards financial market assets.

Besides suspension of gold sales, Reliance Capital's Commercial Finance Division has also decided to suspend financing against gold as a security.

Further, Reliance Capital Asset Management (RCAM) has decided to suspend new subscriptions in Reliance Gold Savings Fund. Existing SIP investors will not be affected by this decision.

The fund is estimated to have a total Asset Under Management (AUM) of over Rs2,200 crore.

Commenting on the move, Reliance Capital CEO Sam Ghosh said, “Reliance Capital is committed to support all policy objectives of the government and the RBI.

“We sincerely hope that all stakeholders across business, trade and industry will act in a responsible manner to minimise gold imports that have placed an unbearable burden on the Current Account Deficit (CAD), and are severely hurting the country's growth prospects,” he added.

The suspension would also apply to supply of gold coins by Reliance Capital for sale through India Post, the company said.

India is estimated to have imported 860 tonnes of gold in 2012 and the figure is expected to cross 900 tonnes this year.
 

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COMMENTS

ramanathan dwarakanathan

3 years ago

This is a very good gesture on the part of RCL. Hope more fund houses follow suit.

RTI Judgement Series: Shielding industries causing pollution in Delhi

Despite orders from the Supreme Court, the Delhi Pollution Control Committee was just forwarding complaints about industries causing pollution to the government, without taking any action. This is the 118th in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application

The Central Information Commission (CIC), while disposing an appeal, accepted that although the information was provided to the applicant, the Government of the National Capital Territory of Delhi (GNCTD) failed to take any action on his several complaints against industries causing pollution in the city.

 

While giving this judgement on 17 June 2009, Shailesh Gandhi, the then Central Information Commissioner, said, “The pollution control committee takes no action from complaints but forwards these to Commissioner of Industries, GNCTD, being a nodal agency, which again takes no action. The appellant was rightly complaining about the fact that the government appears to be incapable of taking action against those who violate laws and Supreme Court orders.”

 

New Delhi resident Bhagat Singh, on 14 November 2008, sought information regarding industries operating in Kharia Road, which is a non-conforming zone from the Public Information Officer (PIO) of Delhi Pollution Control Committee, under the Department of Environment, GNCTD.

 

Singh sought information that a copy of petition regarding restoration of eco-friendly environment on Kharia Road now known as Shaheed Rao Laxmi Chand Marg, submitted by the Khaira Samaj Kalyan Samiti to the ministry of environment and forest (MoEF), which was transmitted to the member secretary of Delhi Pollution Control Committee (DPCC) under their letter No.nil dated 14 December 2006.

 

He said, “However, inaction at the part of aforesaid pollution regulatory mechanism of the state for about last two years resulted into mushrooming of huge pollution-oriented commerciality in the area posing existential threat to society and other creatures of nature to a great extent. The aggrieved Resident Welfare Association (RWAs) of the affected residential area had petitioned to the Lt Governor of Delhi for demolition of the societal evil expeditiously with a copy of the DPCC a few days ago. Please intimate whether any action plan is at hand to deal with polluters and illegal encroachers of public utility effectively in the near future to relieve us of pollution-related lethal ailments ranging from respiratory disorder to deadly lung cancer and road fatalities.”

 

In his reply, the PIO stated, “With reference to your RTI application received in this office on 14 November 2008. The petition/complaint received regarding restoration of eco-friendly environment on Khaira Road through MoEF was forwarded to Commissioner of Industries on 19 January 2007, for necessary action in pursuance of order of the Supreme Court dated 7 May 2004 in the matter regarding shifting of industries form non-conforming/residential areas.  The complaint was also forwarded to the Commissioner of Municipal Corp of Delhi (MCD) on 19 January 2007, for necessary action at their end.”

 

Not satisfied with the reply, Singh filed his first appeal. In his order, the First Appellate Authority (FAA) said, “(the) appellant had stated that no reply has been received by him till date. HP Meena stated that reply in this regard has already been sent on 2 December 2008.  A copy of the same was provided to the applicant and the appellant had stated that he will write back after going through the content if required.”

 

Still not satisfied with the reply, Singh then approached the CIC with his second appeal.

 

During the hearing before Mr Gandhi, the then CIC, the PIO stated that that the appellant (Singh) has been complaining about the industries operating in that particular area which is non-conforming zone. He further stated that these are polluting industries running in a non-conforming zone and also they are encroaching on public land.

 

The PIO said that as per the order of the Supreme Court in writ petition (civil) no.4677 of 1985 issued on 7 May 2004....

“ In conclusion, having regard to aforesaid, we issue the following direction:

1- All Industrial Units that have come up in Residential/non-conforming areas in Delhi on or after 1 August 1990 shall close down and stop operating as per the following schedule:

a) Industrial Units pertaining to extensive industries ('F' category) within in a period of four months.

b) Industrial Units pertaining to light and service industries (category 'B' to 'F') within five months.”

 

After hearing the response from the PIO, the Commission, while disposing the appeal, said, “The information has been provided to the appellant but he is rightly complaining about the fact that the government appears to be incapable of taking action against those who violate laws and Supreme Court orders.”

 

CENTRAL INFORMATION COMMISSION

 

Decision No. CIC/SG/A/2009/000993/3749

http://www.rti.india.gov.in/cic_decisions/SG-17062009-15.pdf

Appeal No. CIC/SG/A/2009/000993

                                                                  

Appellant                                          : Bhagat Singh

                                                                New Delhi-43.                                                                                                                                                    

Respondent                                      : HP Meena

                                                               SPIO

                                                               Govt. of N.C.T. of Delhi

                                                               Delhi Pollution Control Committee

                                                               Department of Environment,

                                                              4th & 5th Floor, ISBT Building, Kashmere Gate,

                                                               Delhi-110006.

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Vodafone gets fresh spectrum in 14 circles

Vodafone is second to get spectrum allocation among firms that participated in the November 2012 auction.  Videocon was the first company that received spectrum from DoT in March, while rest of the firms are yet to receive spectrum

 

The government has allocated spectrum to Vodafone in all 14 service areas, where the telecom major won in November 2012 auction for Rs1,127.94 crore.

 

“The spectrum has been allocated to Vodafone on 18th June. After this, the Wireless Operating Licence will be issued to Vodafone,” official sources said.

 

Vodafone participated in the November 2012 auction to bid for additional spectrum.

 

The company acquired spectrum in Himachal Pradesh, Jammu & Kashmir, Kerala, Madhya Pradesh, Maharashtra, North East, Orissa, Uttar Pradesh East and West, Punjab and West Bengal.

 

The company is second to get spectrum allocation among firms that participated in the November auction.

 

Videocon was the first company that received spectrum from DoT in March. Rest of the firms Airtel, Idea Cellular, and Telewings Communications (Uninor) which participated in the auction are yet to receive spectrum.

 

In November 2012, government auctioned 2G airwaves that were freed from licence cancellation. The auction saw muted response.

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