CM Siddarmaiah to declare gifted luxury watch as state asset

February 25, 2016

Bengaluru, Feb 25: Under attack from the Opposition over his luxurious watch, Karnataka Chief Minister Siddarmaiah today said he would declare it as a state asset and hand it over to the government.cmwatch

"About the expensive watch I was wearing, which has been discussed almost everyday and reported in the media, I have this much to say that I will be declaring it as the state asset and deposit it with state secretariat," he told reporters here.

The controversy was fuelled by former Chief Minister H D Kumaraswamy who had claimed the diamond-studded Hublot watch was worth Rs 70 lakh and had been gifted to Siddaramaiah and that he had proof for his claims.

Siddaramaiah revealed that the expensive watch was gifted to him by his close friend (NRI) Gopal Pillai Girish Chandra Verma who visited India last July.

"The full name of the person who gifted this invaluable watch is Gopal Pillai Girish Chandra Verma. He had come to India in July last year. I know him since 1983 and whenever he visits India, he meets me," the Chief Minister said.

Siddaramaiah further clarified, "Verma gifted me the watch, even though I was not keen on accepting it. However, he insisted that I accept it and I accepted because of our long friendship but I did not know how expensive it was."

The CM said he would furnish relevant documents of the watch to the Lokayukta and Income Tax.

The Chief Minister's decision to declare the watch as a state asset comes in the backdrop of criticism from various quarters.

State BJP President and MP Prahalad Joshi had sought a probe by the Enforcement Directorate to find out the owner of the watch and whether customs duty had been paid for it.

A complaint had been filed by city-based activist S Bhaskaran with the state Lokayukta seeking Siddaramaiah's prosecution under the Prevention of Corruption Act for accepting the expensive gift and not declaring it before appropriate authorities.

Reacting to Siddaramaiah's announcement, Congress MLC V S Ugrappa, who had yesterday suggested three options including declaring the watch as a state asset, welcomed it.

Seeking to turn the tables, he asked Kumaraswamy to declare his "luxurious" assets, including cars and watches, as state asset.

Replying to a query, Ugrappa said the Chief Minister was busy with recent by-election, and Taluk and Zilla Panchayat polls and hence could not find time to come out with facts about the controversy earlier.

Kumaraswamy had argued that the Chief Minister should have come out openly the very next day the watch controversy came out in public.

Comments

Curious
 - 
Friday, 26 Feb 2016

Once During Umer rah ruling he distributed clothes to every one, after couple of days he was found wearing new kurtha and pajaama. One person stood and asked ' from the cloths which you distributed we could stitch only kurtha and was not enough for pajaama' but how it was possible to you? Umer rah replied for this question my son will answer . His son said, I gave my cloths to father to complete the set. A good lesson for every rulers.

Vaman Rai
 - 
Friday, 26 Feb 2016

state assets means his property only fooling public, corrupt politicians must be killed infront of public so that people are scared of taking bride.

Bhavya Shree
 - 
Friday, 26 Feb 2016

so many uncounted worth of crores gifts he got in the name of bribe, bribe can be called easily as a gift.. his friend is mad o what? he dont have family o what to gift him a 75lakh not even fools will gift this costly gift, siddaramaiah must be lieing.. govt should scan his every property. looted so many tax payers money i myself pay every year altogether around 6000 hard earned money to the fake govt, who cares.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
June 26,2020

New Delhi, Jun 26: With looming uncertainty and no likelihood of an early economic recovery in sight, the bull run in gold prices is here to stay. Analysts expect domestic futures to touch ₹ 52,000 per 10 grams in the next few months, till Diwali.

Experts also predict that with the current trend, gold may reach historic levels around ₹ 65,000 per 10 grams in two years time.

Futures of the yellow metal have touched new highs in India off late. On Wednesday, the August contract of gold futures on the Multi-Commodity Exchange (MCX) touched an all-time high of Rs 48,589 per 10 grams.

It has, however corrected since and is currently trading at ₹ 48,057 on the MCX, higher by ₹ 116 or 0.24 per cent from its previous close.

Market experts are of the view that both domestic and international gold prices are yet not done breaching records and will touch new highs in days to come.

The resurgence in the number of new cases of coronavirus infection across the globe has added to the uncertainty and fears.

Speaking to media persons, Anuj Gupta, DVP for Commodities and Currencies Research at Angel Broking, noted: "In short term we are expecting it to reach ₹ 48,800-49,000 and for long term, we are expecting ₹ 51,000-Rs 52,000 till Diwali."

On the prices in the international market, he said that it may reach around $1,790 per ounce in the near term from the current levels of $1,762 and the long term, it is likely to be around $1,820-1,850 per ounce.

Gupta noted that with International Monetary Fund's (IMF) latest downward revision of economic outlook, both global and of India, and the rising number of cases and high demand by gold exchange traded funds (ETF) have led to this record breaking rise in gold prices.

Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, according to the IMF and the global output is projected to decline by 4.9 per cent in 2020, 1.9 percentage points below the IMF's April forecast.

Hareesh V, Head of Commodity Research at Geojit Financial Services, said that gold's safe haven appeal will remain on the higher side as there is little hope of a quick global economic recovery amid rising virus cases across the world.

"Increased geopolitical instability and an under-performing dollar also lift the metal's sentiments," he added.

According to Prathamesh Mallya, AVP Research, Non-Agro Commodities & Currencies at Angel Broking, said that with the global output to contract and the economies in a deeper recession than most anticipate, gold as an asset class is a safe bet for investors across the globe.

"Although, the physical demand has declined drastically due to the restrictions and lockdowns, the activity of global central banks and their net purchases of gold signal that uncertainty will continue for most of 2020," he said.

He was also of the view that in the international market price of the metal may move towards $1,850 per ounce and in the domestic market it is likely to move higher towards Rs 50,000 per 10 grams.

"The investment demand as seen in the net additions of ETF holdings also signals that gold will shine for a much longer time even if the pandemic is under control. Till then, keep buying gold, if not in physical form, but in digital form," Mallya added.

Industry insiders like Aditya Pethe, Director, WHP Jewellers said: "I basically feel that the current trend for the gold is bullish and for the coming next 2 years, it is likely to move upwards. No one can predict the exact price as currently the trend is on rise but it might change after 6 months. In general for the coming 6 months to one year, the gold prices are likely to cross $2,000 which comes to roughly Rs 55,000. For a temporary moment it may reduce, basically fluctuate as well but overall trend of gold is going to be bullish."

On his part, Ishu Datwani, Founder, Anmol Jewellers said: "Yes - it's very likely that the gold price could easily go up to Rs 60,000-Rs 65,000 in the next two years. There is also a possibility of it going up even more."

"A lot of banks have been buying gold and there is also a possibility that the Indian rupee will depreciate against the dollar. This and geopolitical reasons will cause bullishness in gold."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 7,2020

Ujire, May 7: A child was killed and four people were injured after a car they were travelling in rammed a stationary truck near Ujire, on Tuesday night.

The deceased is nine-month-old Madhavi, the daughter of Pramod, a resident of Panyalu Ujire.

Pramod, his wife Ashwini and relatives Mamatha and Swati, have been grievously injured in the incident, and are being treated in a private hospital.

The incident took place around 11pm. According to police, the victims had gone to a relative’s house at Vamadapadavu. On reaching Ujire, Pramod wanted to stop the car beside the road, but failed to notice the stationary truck.

The car was completely mangled as a result of the impact. A case has been registered at the Dharmasthala police station in this regard.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 13,2020

Bengaluru, Mar 13: District administration in Kalaburagi, where the first death in India due to COVID-19 was reported, has identified over 25 people, who come close to the deceased and quarantined for observation, Minister for Health B Sreeramulu said on Friday.

In reply to a debate on the issue during Zero Hour of the Legislative Assembly, the Health Minister said that two members of the victim’s family and 23 others are suspected of COVID-19.

Mr. Sreeramulu said all the schools of the district have been as a preventive measure to contain the deadly virus.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.