Gold coin, bar sales on hold for 6 months

July 11, 2013

Gold_coinNew Delhi, Jul 11:In an unprecedented move, top jewellery retailers and bullion traders across the country have decided to suspend sale of gold coins and bars for six months. The measure is aimed at helping the government curb imports and keep the current account deficit under check.

Several prominent chains, including TBZ, Gitanjali, Tanishq and Mukesh Ambani's Reliance Jewels, will voluntarily stop sales. Coins and bars account for more than a third of gold sales in the country. India is the world's largest gold buyer, at 860 tonnes a year. Market estimates suggest that the demand for coins and bars surged 150% in the past four years.

The move by top jewellery retailers and bullion traders to suspend sale of gold coins and bars for six months comes at a time when the government and the Reserve Bank of India have asked banks to go slow on selling gold coins and bars and players such as Anil Ambani's Reliance Capital have pulled out of the business.

Although the government had taken several steps to tame sales, the impact has been slow and it was only in June that there were signs of demand cooling down. "We had a meeting with the government last month after the restrictions on gold imports were introduced. As an industry body, we realized we have to regulate ourselves. If the sale of coins and bars is stopped, it will restrict imports significantly," said Ashok Minawala, board member at the All India Gems and Jewellery Trade Federation which asked traders across the country to stop taking orders for bars and coins.

"Demand for gold jewellery in the last 10 years has remained more or less constant. But investment demand has increased manifold. We will not promote the sale of coins and bars till CAD issue is resolved," said Sanjeev Agarwal, CEO of Gitanjali. The jewellery brand has stopped purchase of coins and bars already and is currently only liquidating its stocks.

While consumers will find it tougher to get hold of gold coins, retailers will not be hit due to the low profit margins. Against a profit margin of 8-12 % on diamond and gold jewellery, the margin on coins and bars is as low as 1-2 %. "Jewellers stock coins and bars only because consumers ask for them on special occasions or for investment purpose. Most of it is converted into jewellery after couple of years," said Agarwal.

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January 23,2020

Mangaluru, Jan 23: Bajpe Police on Thursday registered yet another case against the prime accused in Mangaluru International Airport case, Aditya Rao.

According to the police, a complaint was received from the officials of Indigo flight that they had to delay their flight scheduled to take off for Hyderabad at 1615 hrs after receiving a hoax call from Aditya, threatening of bomb.

They also asserted that the passengers were de-boarded from the flight and the luggages were brought back to security check again.

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News Network
February 20,2020

Gadag, Feb 20: A 33-year-old Muslim man is all set to become a seer at Muruga Rajendra Mutt in Gadag.

Ordained by Sri Murugarajendra Koraneswara Swami of the mutt, Dewan Sharief Mullah claims he was taking the step not under any duress but after being "guided by the almighty".

"Nobody asked me to do it. The almighty came in my mind and guided me.... They have put the sacred thread and given me the responsibility. They have given me the 'Ishta-linga' and this honour. I have done the 'Ishta-linga dharan'. I will walk on the path of dharma. Love and sacrifice is the message given to me. That is what I want to propagate," he said.

Sri Murugarajendra Koraneswara Swami said, "It does not matter what caste you belong to. If God appears to you for a path of goodwill and sacrifice, you will do it regardless of the manmade restrictions of birth and caste."

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News Network
February 28,2020

Suhaana shuddered with fear as she heard violent banging on her door on Sunday. The atmosphere was charged with communal tension after thousands of ruthless goons supporting contentious Citizens Amendment Act (CAA) launched a bloody onslaught against Muslims in the capital of India.

The family consists of Suhaana (name changed), her partially paralysed husband and two daughters. They are the only Muslim family in Madhuban mohalla of North Ghonda locality in north-east Delhi.

Hearts pounded louder than pounding of the door. Then the banging stopped and noises of men talking loudly came.

"I peeped out from a small window near the kitchen and saw our neighbours standing outside our entrance and arguing with 10-15 unknown people," Suhaana said.

It was the first day of the communal violence, worst in the decades, that fanned out to the entire north-east Delhi over the next three days and claimed at least 42 lives, left over 200 injured and properties worth crores destroyed. The death toll is feared to go up.

Later in the night Suhaana's family moved to one of their Hindu neighbour's house. There are about 30 Hindu households in the mohalla who kept vigil as the atmosphere deteriorated.

The next day, the violence escalated. The neighbours decided to shift Suhaana 's family to Gautampuri for their safety.

Suhaana recounted, "Our neighbours assured us that they are with us but as things were deteriorating, they said they wouldn't be able to protect us if a big mob of hundreds came. They advised us to move to the nearby Gautampuri locality and come back only after things become normal."

Rajkumar Bharadwaj brought the family to Gautampuri in the early hours on February 25.

Anil Gupta, 49, said, "It was tough to rescue them. We were asked by the rioters as to why we were saving the Muslims. But we had to, it is the people of my country who are suffering. It cannot be Hindus or Muslims."

Rajkumar Bharadwaj said, "Their youngest clung to me throughout. After I brought them here at Gautampuri, I felt good. Situation till then was not okay."

On Saturday, some semblance of normalcy returned to parts of north-east Delhi with some people opening their shops amid heavy police presence.

Meanwhile, the morbid sight outside GTB Hospital's mortuary, agonising groans in the hospital wards burnt down houses and shops remind Suhaana and others what they have been spared of.

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