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
March 31,2020

Bengaluru, Mar 31: The total number of confirmed cases of coronavirus in Karnataka rose to 98 on Tuesday, according to the state government.

This includes 3 deaths and 6 patients who were cured and discharged, leaving the active cases to 89.

Meanwhile, Karnataka Home Minister Basavaraj S Bommai said that his government has succeeded in tracking more than 24 people in Bengaluru, who attended the Tablighi Jamat event in Delhi held earlier this month.

"Over 24 people, who attended Tablighi Jamaat event in Delhi, tracked in Bengaluru. We have quarantined 54 people. 8 people also in Bidar. 1 person found positive in Bidar and we have quarantined him. There are people who attended jamaat from almost all districts of the state," Bommai told news agency here.

Delhi's Nizamuddin area emerged as a hotspot after a religious meeting was held at Markaz by the Tableeghi Jamaat earlier this month, and several COVID-19 positive cases have been found among those who attended the gathering.

At least 24 people staying at Markaz building in Nizamuddin area of the national capital have tested positive for coronavirus, Delhi Health Minister Satyendar Jain on Tuesday.

"All of them are being screened. We are not certain of the number but it is estimated that 1500-1700 people had assembled at the Markaz building. 1033 people have been evacuated so far - 334 of them have been sent to the hospital and 700 sent to quarantine center. A total of 24 positive cases have been found so far," he said while speaking to reporters here.

The minister also slammed the organizers of the religious event saying that they have committed a grave crime.

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News Network
August 9,2020

Bengaluru, Aug 9: karnataka's Health Minister B Sriramulu has tested positive for the novel coronavirus. He has been hospitalised and is being treated for Covid-19. The minister has also asked all of those who came in contact with him recently to take necessary precautions.

Sriramulu made the announcement in a series of tweets on Sunday. He said, “After symptoms of flu, I have tested positive for coronavirus today.”

“Under the leadership of Honorable Chief Minister (BS Yediyurappa), all the departments of the government, including my department, have been working hard against Covid-19. From the time of corona's appearance, I have had the opportunity to visit 30 districts and work in harmony with the government's desire to treat people well. It is in this backdrop that I am going to be hospitalized and treated,” B Sriramulu said.

Karnataka’s Health Minister also added, “All those who have been in contact with me recently have been requested to take precautionary measures.”

Earlier this month, Karnataka Chief Minister BS Yediyurappa also tested positive for Covid-19. The state's Leader of Opposition and former CM Siddaramaiah of the Congress also declared that his samples too had returned positive for the infection. Both of the leaders are undergoing treatment for Covid-19 at the privately-owned Manipal hospital in Bengaluru.

According to the Ministry of Health and Family Welfare (MoHFW), Karnataka has 79,773 active cases while a total of 89,238 patients have been discharged in the state after recovering from Covid-19 and 3091 have succumbed to it.

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News Network
July 6,2020

Bengaluru, Jul 6: Criminal cases will be registered against private hospitals that refuse treatment to COVID-19 patients, Medical Education Minister Dr K Sudhakar said on Sunday.

Addressing a press conference here at Vidhana Soudha, he said: "No hospital should refuse to admit patients and if any hospital is found denying treatment criminal cases will be registered against them."

He spoke to media persons after returning from his surprise visit to Jayanagar General Hospital and Rajiv Gandhi Chest Hospital responded to the questions regarding private hospitals refusing to treat covid patients.

"The government has come up with 6 different systems for treatment of COVID-19 patients. COVID care centres, government medical colleges, private medical college, government hospitals, corporate hospitals and home isolation with proper facilities and according to government guidelines," the minister added.

Dr Sudhakar gave the statistics of 4 metropolitan cities in the country including Delhi, Mumbai, Chennai and Bengaluru.

"Bengaluru's and the mortality rate is the lowest at 1.46%. The aim is to increase testing by optimal utilisation of capacity especially in private labs. Once we increase testing, it is natural that the positive cases will also increase," he said.

"So citizens need not panic due to this but should take all precautionary measures. He advised to get tested in the nearest fever clinics as soon as any symptoms like cough, fever etc are found. Guidelines regarding the home isolation will be released soon," the minister said.

He announced that 400 ambulances will be deployed in Bengaluru and 2 each for every ward.

He said that the government recommended patients at private hospitals will be provided with insurance under Suvarna Arogya Suraksha Trust.

"If private hospitals refuse to admit the patients, call 1912 helpline to get assistance. If admitted in Private hospital voluntarily the treatment cost will be borne by patients as per the rates fixed by the government," Sudhakar said.

He said that the cost of testing at private labs has been capped at Rs 2,200 as per test.

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