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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News Network
January 10,2020

Mangaluru, Jan 10: Two members of a notorious honey-trap gang that used to lure rich men using women and then extort money from them by staging fake police raid have been arrested by the Dakshina Kannada district police.

Lohith, a resident of Kushalnagara, and Sharif from Vittal, were arrested in connection with a honey-trap case registered in Uppinangady police station. Jamal, Jeevan and Naushad, who were also involved in the case, are absconding.

Police said they received information that a few people under the guise of being Kerala police, were planning to raid a resort near Uppinangady where two couples were staying.

They were informed that they would threaten and try to extort money from them. The police were tipped off about the same by their counterparts in Kerala.

Police said the accused are experts in setting honeytraps, and were involved in similar crimes since a long time. Their modus operandi was to use two women from Mangaluru to lure their intended targets.

Once they trap their target, the woman and victim are sent to resorts. They then raid the resort posing as police officials, and click pictures in compromising positions of the victim with the woman.

They threaten to release the pictures on social media or TV channels, if they fail to pay up.

Police said the accused demanded Rs 10 lakh from each victim, but they denied to pay up. Irked by this, the accused took away the victims’ belongings such as phone, money and car.

The victims who believed that the accused were police personnel, asked them to take them to the police station. Instead of taking them to the police, the accused took them to a secluded place, where they claimed that they were putting the victims under house arrest. Police have seized an SUV from the accused.

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May 12,2020

Bengaluru, May 12: Former chief minister and senior Congress leader Siddaramaiah on Tuesday said that the Central and Karnataka government have failed in containing the coronavirus spread despite having enough time for preparations.

"Central and state government failed in properly controlling COVID-19. The first coronavirus case was reported in Kerala on January 30. Lockdown was imposed on March 24. Both Centre and state had enough time for preparations," Siddaramaiah said in a press meet here.

He said that the Central government did not stop the airline services on time.

"Karnataka government might have been able to stop COVID-19 properly. However, both the state and central government are playing politics over the issue and blaming Tablighi Jamaat for the spread, which is a political strategy painted by the RSS," Siddaramaiah said.

"Who gave the licence to Tablighi's international convention? Who gave them permission in Delhi? They didn't control it. Central government is directly responsible for the increasing numbers of COVID-19 cases in India," he added.

Siddaramaiah said that the lockdown was imposed without any preparation, which he said caused huge problems for the migrant workers across the country.

"Now, the government is collecting ticket fare and looting migrant workers. They don't have jobs or food, they don't have money, and they earn every day to survive. How will they pay for the tickets? Why the government is not arranging for free trains?" the Congress leader said.

He said that around Rs 35,000 crore have been credited to PM CARES fund, Rs 3,000 crore of which was credited from Karnataka alone. "Why are they not using that money?" he asked.

Siddaramaiah said that the party is demanding for the Centre to arrange for migrant workers to return to their native places across the country free of cost.

"We asked Chief Minister to call an all party meeting. We gave many suggestions, which this government did not consider. We also took a delegation and gave a memorandum about farmers, daily wage workers, road side vendors, barbers, problems faced by the unorganized sector. But this government didn't consider any of it," he said.

Questioning the Central government's suggestion to States to amend their Agricultural Produce Market Committee (APMC) Acts, Siddaramaiah said that the move is against the federal system of the country and claimed that it harms the interests of small scale farmers.

He said that the BJP-led state government has also decided to postpone the Gram panchayat elections in the state and is trying to nominate their party workers for village panchayat elections.

"The Government must continue with the present members of the Gram panchayat. If BJP tries to nominate their party members to village panchayats, we will take to streets to protest despite the lockdown," Siddaramaiah added.

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coastaldigest.com news network
July 2,2020

Yadgir, July 2: A fresh video of the health staff dragging the body of a Covid-19 victim and dumping it into a pit disgracefully has gone viral on social media.

The incident occurred in Yadgir district of Karnataka on Tuesday, just days after shocking visuals of bodies of Covid-19 victims being handled disrespectfully in Ballari district went viral.

In the fresh video, two persons with PPE suits can be seen dragging, hurling and dumping the dead body of a senior citizen who died of covid-19. The duo dragged the body using a wooden log inserted to both hands of a plastic body bag for nearly 300 meters.

After pulling till the pit, the body was heartlessly dumped including a wooden log. Several villagers were also seen in the video.

The victim was settled in Siravara in Raichur district, although he originally hailed from Yadgir. On Sunday he was busy overseeing his daughter' wedding that was first postponed due to lockdown.

According to a relative of the deceased, on Monday he complained of breathing problems following which an ambulance was called to carry him to Raichur Institute of Medical Sciences (RIMS).

Raichur Deputy Commissioner (DC), R Venkatesh said he was brought dead to the hospital as he succumbed en-route. The family members were quarantined and the body was packed as per the protocols and sent to Yadgir as his family members informed that the victim is from the neighbouring district. "In Yadgir district he was swabbed and his test results came positive," DC informed.

As soon as residents of Honagera village learned about the arrival of the body, the family members were harassed asking them to not to bury the body in any of the fields in the village.

Sridevi, a relative of the deceased said "the locals assembled near our house and threatened consequences if the body was brought here. Fearing backlash, we asked the district authorities to perform the last rites in the farmland owned by the victim. But it is now saddening to see the video where the body was inhumanely dragged and dumped."

Meanwhile Karnataka Chief Minister BS Yeddyurappa on Wednesday (July 1, 2020) said that six staff members have been suspended in connection with the inhumane funeral of a man who died of COVID-19 in Balari district.

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