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
February 29,2020

New Delhi, Feb 28: They could hear shots being fired, sense smell of property and vehicles being burnt and feel the stones being pelted. Despite the mayhem that unfolded just a few steps away from their doorsteps, many Muslim households did not feel unsafe due to their Hindu neighbours during the violence in Delhi earlier this week.

Tarannum, a resident of Chand Bagh, said she cannot thank her neighbour Nem Singh enough for saving 15 members of her family that fateful night of February 25. Singh, an auto-rickshaw driver, lives right across her house.

"I could hear the thumping on the door. Our neighbour came to rescue us and assured us that no harm would come to our family, " said Tarannum who lives in lane number 7.

"We thought khayamat has come. Our kids too got scared. Those indulging in rioting are just terrorists. Hindu brothers gave us shelter and saved us. How should I say that they are Hindus or Muslims? When we were under attack, these Hindu brothers provided us safety. We should not fight, " said Tarannum while recounting the horror.

She said a mob has no face, no religion. "I want to tell everyone mob has no name, no religion. Kaun sa pathar kisne mara kisko laga pata hai kya? Pathar ne mazhab dekha kya? (Which stone was thrown by whom, who was hit, does anyone know. Stone does not have a religion," she said.

Singh said he could not bear the wailings of his neighbour's kids.

"Dar to tha par apni gali mein kisi ko pareshan nahi hone dena tha. (I too was afraid but I could not have let them hurt my neighbours)," said Singh when asked if he could have also been attacked for giving shelter to Tarannum family.

"I told them that the rioters will have to go through us first. We all were equally scared," recalled Singh.

Jameel, another local resident, said that his Hindu neighbours were even ready to sacrifice their lives to save him from the ruthless terrorists hired by pro-CAA politicians to unleash violence against Muslims.

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News Network
July 2,2020

Bengaluru, Jul 2: Karnataka government has issued a show-cause notice to 18 private hospitals for refusing to admit a 52-year-old patient with influenza-like illness (ILI) symptoms, who later died.

According to the notice dated on June 30, a 52-years patient named Bhawarlal Sujani died after he was denied admission by 18 private hospitals.

The patient was taken to these hospitals on Saturday and Sunday for admission on observing some ILI like symptoms. But none of these hospitals admitted in on the pretext of unavailability of bed/ventilators, read the notice.

This is a clear violation of providing medical assistance and admission necessitated under the agreed provision of KPME Registration. They should strictly adhere to the provisions under Sections 11 & 11 A of KPME Act 2017. Private Medical Establishments cannot deny/ refuse/ avoid treatment to patients with Covid-19 and Covid-19 like symptoms, the state Health Department said.

By denying the admission to the deceased patient, your hospitals have violated the provisions of the above-said act. You are liable for legal action in this regard, as per the notice.

The state Health department asked the hospitals to reply as to why action should not be initiated under the relevant Acts. 

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January 7,2020

Bengaluru, Jan 7: Slogans of ‘Inquilab Zindabad’ rent the air at Town Hall on Monday evening as thousands of students, social activists, lawyers, doctors and theatrepersons among others staged a protest to denounce Sunday’s attack on the students and faculty of New Delhi’s Jawaharlal Nehru University (JNU).

“This is unacceptable. As students living in hostels, we are now worried about our safety,” said Prakruthi Kishore, a student of National Law School of India University (NLSIU), Bengaluru.

Rishi Kumar, a student of Indian Institute of Science, pitched in. “JNU is an extremely protected university located in the national capital. It’s surprising that such an incident occurred amid tight security.”

Delhi police and the government need to wake up and take stringent action against the goons, Kumar said, adding: “Students can’t be treated like puppets. The government needs to act immediately.”

“The government is behaving shamelessly by sending goons to threaten students and professors of JNU,” said Alokanath Pandit, a lawyer.

With “Zor se bolo-azadi, tum din me maaro-azadi, hum raat me ayenge-azadi,” drowning the cacophony of traffic at the intersection, the sloganeering reached a crescendo around 6pm as the protesters raised their hands in a show of solidarity with the beleaguered JNU community.

Theatrepersons Prasanna and Arundathi Nag, farmer leader Kodihalli Chandrashekar and social activists Tara Krishnaswamy and Srinivas Alavilli were present at the protest venue. “It is not fair that educational institutions are now becoming the target. First, they hiked fees and now they are attacking students. What is the government doing,” Arundathi asked.

“JNU has always been an institution which has raised its voice against atrocities across the country as its students harbour no fear. This is an alarm bell for the country and the government to wake up. Students are the future and can’t be targeted,” she added.

Chandrashekar said Narendra Modi is unfit to be the Prime Minister as he doesn’t keep his word. “Modi said he will help farmers but has done nothing for them. He said he will provide employment to students but is now making them furious,” he said.

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