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Reliance Capital becomes first company to suspend gold sales

June 21, 2013

Reliance_Capital21New Delhi, Jun 21: Amid growing concerns over huge gold imports hurting the country's economic strength, financial services major Reliance Capital today became the first company to suspend gold sales across all its businesses.

The decision includes suspension of sale of gold coins and other physical forms of the yellow metal, as also as an investment product across all its businesses and subsidiaries, Reliance Capital said in a statement.

Part of Anil Ambani-led Reliance Group, the company said the decision has been taken in view of the government's "publicly stated objective of minimising gold imports that are seriously hurting the country's economic interests".

The government has been consistently asking for measures to curb flow of household savings into idle assets like gold and channelise these funds towards financial market assets.

Besides suspension of gold sales, Reliance Capital's Commercial Finance Division has also decided to suspend financing against gold as a security.

Further, Reliance Capital Asset Management (RCAM) has decided to suspend new subscriptions in Reliance Gold Savings Fund. Existing SIP investors will not be affected by this decision.

The fund is estimated to have a total Asset Under Management of over Rs 2,200 crore.

Commenting on the move, Reliance Capital CEO Sam Ghosh said, "Reliance Capital is committed to support all policy objectives of the government and the RBI.

"We sincerely hope that all stakeholders across business, trade and industry will act in a responsible manner to minimise gold imports that have placed an unbearable burden on the Current Account Deficit (CAD), and are severely hurting the country's growth prospects," he added.

The suspension would also apply to supply of gold coins by Reliance Capital for sale through India Post, the company said.

India is estimated to have imported 860 tonnes of gold in 2012 and the figure is expected to cross 900 tonnes this year.

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Agencies
August 8,2020

New Delhi, Aug 7: With the highest single-day spike of 62,538 cases, India's COVID-19 count rose to 20,27,075 on Friday, said Union Ministry of Health and Family Welfare.

The total cases include 6,07,384 active cases, 13,78,106 cured/discharged/migrated, and 41,585 deaths, according to the Ministry of Health.

The country's COVID-19 positive cases crossed the 10 lakh mark on July 17 when the total positive cases stood at 10,03,832 in India.

Maharashtra with 1,46,268 active cases and 3,05,521 cured and discharged patients continues to be the worst affected. The state has also reported 16,476 deaths due to the infection.

Tamil Nadu has 54,184 active cases while 2,14,815 patients have been discharged after treatment in the state. 4,461 deaths have been reported due to COVID-19 in the state.

Total COVID-19 cases in Andhra Pradesh are 1,96,789 including 1,12,870 recoveries, 82,166 active cases, and 1,753 deaths, as per the last health bulletin.

Delhi reported 1,192 new COVID-19 cases and 23 deaths on Friday. The total count of cases in the national capital has risen to 1,42,723. 

According to the Health Department, a total of 1,108 recoveries have been reported in Delhi in the last 24 hours.

The total number of cases includes 1,28,232 recoveries, 10,409 active cases, and 4,082 deaths.

According to the official data, 5,612 RT-PCR/CBNAAT/TrueNat tests and 17,773 rapid antigen tests were conducted today.

A total of 11,43,703 test has been conducted so far. The Union Health Ministry said that India continues its track record of testing more than 6 lakh COVID-19 samples each day for the fourth successive day.

"Expanded diagnostic lab network and facilitation for easy testing across the country have given a boost, and with 6,39,042 tests conducted in the last 24 hours, India has done 2,27,88,393 tests presently. The Tests Per Million (TPM) has seen a sharp increase to 16,513," the ministry said.

As many as 473 new COVID-19 cases were reported in Jammu and Kashmir today; 128 from Jammu division and 345 from Kashmir division.

The total number of cases stood at 23,927 including 7,260 actives cases, 16,218 recoveries, and 449 deaths.

The government of Mizoram informed that 19 new COVID-19 cases were reported in the state, taking the total number of cases to 558.
The number of active cases is 270 while 288 people have been discharged. No death reported in the state to date.

Bihar Health Department said, 3646 new cases reported in the state on August 6. Total tally reaches 71,794.

Similarly, 244 new COVID-19 cases, 77 recoveries, and five deaths were reported in Puducherry on Friday, taking the total number of cases to 4,862, including 1,873 active cases, 2,914 recoveries, and 75 deaths.

1,063 new cases of COVID-19 cases, 381 recovered and 23 deaths reported in Punjab in the last 24 hours. State tally rises to 21,930 including 7,351 active cases, 14,040 cured/discharged and 539 deaths.

Meanwhile, 1,074 new cases of COVID-19 and 22 deaths reported in Gujarat in last the 24 hours. State tally rises to 68,885 including 14,587 active cases, 51,692 cured/discharged and 2,606 deaths, the State Health Department said.

According to the Union Health Ministry, West Bengal has 23,829 active cases with 1,902 deaths so far while, Karnataka has 75,076 active cases of the virus with 80,281 recovered and 2,897 deaths so far.

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May 18,2020

New Delhi, May 18: Very severe cyclonic storm ‘Amphan’, over central parts of South Bay of Bengal, has intensified into extremely severe cyclonic storm, the India Meteorological Department (IMD) said on Monday. The weather department has warned that ‘Amphan’ may turn into a “super cyclonic storm’.

According to experts, North Odisha coast will face the maximum impact of cyclone Amphan when it makes landfall.

“Wind speed expected to be 110-120 kmph, gusting up to 130 kmph. Balasore, Bhadrak, Jajpur, Mayurbhanj dist can be affected on 20 May (when it makes landfall), IMD Bhubaneswar scientist Umashankar Das told news agency ANI.

The IMD has said that ‘Amphan’ will cross West Bengal - Bangladesh coasts between Digha (WB) and Hatiya island - in the afternoon/evening of May 20 as very severe cyclonic storm.

Earlier, the IMD had warned that ‘Amphan’, over central parts of South Bay of Bengal, will intensify into an extremely severe cyclonic storm on Monday.

“Very Severe Cyclonic Storm (VSCS) ‘AMPHAN’ over central parts of South Bay of Bengal near latitude 12.5°N and longitude 86.4°E, about 870 km nearly south of Paradip (Odisha). To intensify further into an Extremely Severe Cyclonic Storm (ESCS) in the next six hours,” the IMD said in a tweet on Monday.

National Disaster Response Force (NDRF) has sent its 10 teams to Odisha and seven teams to West Bengal in view of the approaching Cyclone Amphan, news agency reported.

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News Network
May 11,2020

London, May 11: Fugitive diamond merchant Nirav Modi's five-day extradition trial over the nearly USD2 billion Punjab National Bank (PNB) fraud and money laundering case is set to begin in London's Westminster Magistrates' Court today.

The London High Court rejected Nirav Modi's bail plea in Punjab National Bank (PNB) bank fraud case for the fifth time in early March.

Modi, the prime accused in the PNB fraud case, is currently lodged at Wandsworth prison in south-west London and is wanted for his alleged role in the Rs 13,570 crore loss caused to the Punjab National Bank (PNB) along with his uncle, Mehul Choksi.

Modi, 48, was arrested in March last year by Scotland Yard in connection with the case.

Modi was remanded in custody till February 27, 2020, after he appeared before a UK court on Thursday via video link from his London prison.

The latest bail hearing followed further assurances by Modi, including an increase in the amount of security he had offered as a guarantee as well as stricter bail conditions.

On his last bail application, Modi offered USD 4 million as a security guarantee in return for bail, an offer that was rejected by judges who ruled that there was a real risk that Modi would flee the UK to a country which has no extradition treaty with India.

At the same hearing, the judge ruled that there was "strong evidence" that Modi had engaged in "witness intimidation" and destroying evidence.

Given the seriousness of such allegations, it was all but certain that the latest bail application would be rejected.

Modi's lawyers had contended that their client was being held in difficult conditions at Wandsworth prison and had also claimed that his mental health was deteriorating as a result of his incarceration.

However, ruling at the High Court today, Justice Ian Dove said there was a "clear need for this application to be refused in the present circumstances."

It comes just days after the second sale of assets belonging to Modi valued at millions of dollars.

The items include a luxury Rolls Royce car, a Patek Philippe watch and a painting by the renowned Indian artist Amrita Sher-Gil valued at USD 2.5 million but expected to fetch considerably more.

Meanwhile, Nirav's brother Neeshal Modi, who is also one of the co-conspirators in the PNB scam, has written to Enforcement Directorate, distancing himself from his brother's actions and said that he had no knowledge of it.

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