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 4,2020

Bellary, Jan 4: A BJP MLA has apparently threatened 'minority' Muslims against participating in anti-CAA protests, saying that opposing the new Citizenship Act will not be good for them and they will have to face serious repercussions.

"It's just a caution for those who are protesting against the CAA (Citizenship Amendment Act). We are 80 per cent and you (Muslims) are 18 per cent. Imagine what will happen if we take charge," MLA Somashekar Reddy told a gathering here on Friday.

"Beware of the majority when you live in this country. This is our country. If you want to live here, you will have to, like the Australian Prime Minister said, follow the country's traditions," he added.

He said: "So, I warn you that CAA and NRC are made by Modi and Amith Shah. If you will go against these acts, it won't be good."

Continuing to spew venom, the MLA further said, "If you wish, you can go to Pakistan. We don't have any issues. Intentionally, we would not send you."

He said that the community should live in harmony with Hindus. "If you will act as enemies, we should also react like enemies," he said.

Earlier, Bengaluru BJP MP Tejaswi Surya reportedly called CAA opposers as "puncturewalas".

The nation has been witnessing massive protests against the Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC). But Prime Minister Narendra Modi has specifically stated that the NRC was never discussed.

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Fairman
 - 
Saturday, 4 Jan 2020

Reddy,

 

This is not your father's country nor any other's father's country.

Eh desh kisika baap ka naheen hai.

 

All have sacrificed to liberate this nation.

Your  Gundagiri will not succeed. See soon the result.

 

To goto Pakistan, we  have choice to go or not. But you don't have choice.

 

Your brain also black, we don't what about the color of your heart.

 

Jai Bharath, Jai all countries 

 

Manu
 - 
Saturday, 4 Jan 2020

in forest DOg is more in number.. that does not mean LION is not king.

 

Lion is lion and dog is dog...here number does not count

 

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News Network
January 30,2020

Bengaluru, Jan 30: There are around 3 lakh Bangladeshis across Karnataka and around 3,000 of them left Bengaluru following the recent crackdown, according to Bhaskar Rao, Bengaluru city police commissioner.

It's the first time a high-ranking official has put a number to Bangladeshis in Karnataka following the debate over the new citizenship law.

At a conclave on 'Construction Workers Safety, Health and Welfare' organised by the labour department and IIMB here, he said the estimate was arrived at based on information sourced from Bangladeshis deported recently.

There's been no study to ascertain the Bangladeshi population in the state, Rao said, adding that most illegal Bangladeshis in Bengaluru are victims of human trafficking.

"They come to Bengaluru for employment. Unlike other cities, Bengaluru has a lot of job potential and pays good salaries too. There are a lot of Bangladeshis working in the construction industry," Rao said.

Workers from Bangladesh demand lower wages. While other labourers demand around Rs 500 to Rs 600 per day, Bangladeshi workers don’t complain about being paid around Rs 100-150,” Rao said, adding that this has encouraged human traffickers to increasingly bring in Bangladeshis.

Suresh Hari, chairman, Confederation of Real Estate Developers Association of India, however, said they’re not aware of the nationality of their workers as contractors bring workers registered for tasks. “It’s difficult to say where they are from as there’s also construction work outside Credai’s purview,” Hari said.

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News Network
March 24,2020

Udupi, Mar 24: Four people, including two women, suspected to have infected with Coron were admitted to the hospitals in Udupi district

According to the District Administration, in all, 51 samples were sent to the laboratory for test and 40 samples have been tested negative.

The result of remaining 11 swabs were awaited.

At least 21 people had been admitted to the isolation wards of hospitals in the district. Nine had been discharged from the isolation wards after they recovered from the health complications on Monday, it further said.

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