INDIA GOLD IMPORTS
RBI proposes rationalising regulations on export, import transactions
As per the draft, every exporter should furnish to the specified authority a declaration specifying the amount representing the full export value of the goods or services. "The amount representing the full export value of goods and services shall be realised and repatriated to India within nine months from the date of shipment for goods and date of invoice for services," it said.
Gold holds ground on US rate-cut expectations
Amidst shifting economic indicators, precious metal prices reflect market uncertainties and investor sentiments influenced by global economic trends and policy decisions. The intricate balance between supply, demand, and macroeconomic factors drives strategic investment choices in the ever-changing financial landscape.
India gold buyers postpone their purchasing plans, keenly waiting to see if Modi government cuts import duty in Union Budget
BUDGET NEWS: Indian gold demand remains subdued due to high prices, with expectations of an import duty cut in the upcoming budget. Meanwhile, Chinese demand also declined. Domestic gold prices hovered near Rs 71,600 per 10 grams, down from a peak of Rs 74,442 last month. Dealers offered discounts up to $9 per ounce on official prices, including taxes. The market anticipates increased activity closer to the festival season in Q3
Gems, jewellery exporters seek import duty cut on gold, silver, platinum bars to 4 pc in Budget
Against the backdrop of the macroeconomic scenario, the council urged the government to take measures to revive exports in this sector. It also requested to introduce the sale of rough diamonds in SNZs (special notified zones); and "reduce the import duty on gold, silver, and platinum bars to 4 per cent; and introduce duty drawback on exports of platinum jewellery to take advantage of India UAE comprehensive economic cooperation agreement".
Do you know? Gold is edible! Here are 5 dishes that are made with gold!
Edible gold, composed of 24-karat gold, is guaranteed to be completely pure. The process begins by heating pure gold to over 1,094 degrees Celsius until it melts, after which it is poured into a mold to form a gold bar. This bar is then rolled and pressed repeatedly until it becomes exceedingly thin, with a final thickness of approximately 0.0001 millimeters. The resulting gold leaf is nearly transparent and incredibly lightweight. It comes in several forms, including leaf, flakes, crumbs, and powder.
Gold ETFs add over 1.36 lakh new folios in May, fastest in 60 months. AUM per folio 3rd best in 2 years
Gold ETF schemes added 136,772 folios in May, a 12.5% year-on-year increase. Investors are increasingly choosing Gold ETF mutual schemes for reasons like easy availability and low investment ticket size.
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India's exports grew 1.1%, but trade momentum to continue: CRISIL
India's merchandise exports rose by 9.1% to USD 38.1 billion in May compared to last year, with a modest 1.1% increase from April, driven by both oil and non-oil sectors. Imports surged by 7.7% to USD 61.2 billion, mainly due to oil and core imports, widening the trade deficit to USD 23.8 billion.
Gold, silver import surges 210 pc in 2023-24 from UAE; need duty revision in FTA: GTRI
Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
India's May outbound shipments at 3-month high; trade gap at 7-month record
Terming May as an “excellent” month for exports, commerce secretary Sunil Barthwal said that the situation was looking more optimistic for trade this year, with even sectors such as textiles recording healthy growth after months of sluggishness.
India restricts certain studded gold jewellery imports
In a notification, the Directorate General of Foreign Trade (DGFT) brought gold jewellery studded with pearls, diamonds and precious & semi-precious stones in the ‘restricted’ category from ‘free’ with immediate effect which means their import will require a government permit.
India set for first current account surplus in 10 quarters by Q4FY24: Ind-Ra
India's current account balance (CAB) is projected to reach a surplus of approximately USD 6 billion in Q4 2024, marking the first surplus since Q1 2022. However, the overall CAB for FY24 is expected to remain in deficit at 0.6% of GDP, the lowest since FY17. The global economic environment is showing signs of improvement for 2024, with easing inflationary pressures and robust economic growth in the US and emerging markets.
ET Explains: Why RBI keeps gold abroad?
The Reserve Bank of India (RBI) has been aggressively buying gold this year, purchasing one and a half times the amount bought in the whole of 2023 in just the first four months of this calendar year. A big portion of this gold is held overseas, but the RBI is now planning to bring back a portion of these reserves. This move comes amid risks following the West freezing Russian assets. The RBI holds 822.10 metric tonnes of gold, with 387.26 metric tonnes kept in safe custody with the Bank of England and the Bank for International Settlements (BIS).
RBI moves 1 lakh kg of gold from UK back to India, first such move of this quantum since 1991
India's central bank has moved around 100 tonnes of gold from the UK to its domestic vaults, with plans to relocate more soon, according to a TOI report. This significant transfer, the first since 1991, addresses logistical and storage diversity concerns. The RBI, which held 822.1 tonnes of gold as of March, coordinated closely with various government bodies and used special aircraft for secure transport
Gold prices flat ahead of US inflation data
Gold prices steady as investors await U.S. inflation insights. Spot gold at $2,338.04 per ounce, with futures at $2,358.30. Fed survey shows cautious optimism, while India's silver imports surge. BHP Group ends bid for Anglo American, impacting silver prices.
India imports more silver in 4 months of 2024 than in all of 2023
India's silver imports in the first four months of 2024 have surpassed the total for all of 2023, driven by rising solar panel demand and investor interest. The country imported a record 4,172 metric tons, up from 455 tons a year ago. This surge supports global prices and outperforms gold.
India tightens permissible wastage norms for jewellery export
India has revised the permissible wastage amount for gold, platinum, and silver content in various categories of exports of jewellery items. The Directorate General of Foreign Trade (DGFT) amended the percentage of wastage by weight in plain jewellery to 0.5% for gold and platinum, and studded jewellery to 0.75%.
India's gold imports seen falling as record price prompts jewellery swaps
India's gold imports in 2024 may plummet by nearly 20% from the previous year due to record high prices driving consumers to swap old jewellery for new, according to the India Bullion and Jewellers Association. Rising prices have shifted buyers towards exchanging old ornaments, impacting jewellery demand more than investments.
Time for India to get the investment game right!
Indian households traditionally prefer fixed deposits, gold, and real estate for investments. However, equities, mutual funds, SGBs, InvITs, and REITs offer higher returns over the long term. StockGro aims to educate and empower investors in the equity market. SEBI, NCFE, and RBI play roles in promoting financial literacy and regulating investments.
Silver prices surge to nearly Rs 90,000/kg, still enough room for prices to move north
Silver prices surged to nearly Rs. 90,000 per kg, hitting an all-time high, driven by increased industrial applications and speculation of no immediate reduction in US Federal Reserve policy rates. Within a month, silver prices rose by over 5%, with analysts attributing this surge to growing industrial demand from electric vehicle and photovoltaic solar panel manufacturers. High prices prompted selling of household silver in Mumbai's Zaveri Bazaar. Importantly, silver imports in FY24 rose by about a third, indicating strong industrial procurement and stable prices.
Exports up 1% in April, yet trade gap widens
India's goods exports grew 1.06% to $34.99 billion in April, with a trade deficit of $19.1 billion fueled by increased gold imports. Switzerland replaced Russia as a key import source. Challenges include rising petroleum imports and ongoing FTA discussions with the UK.
Higher gold imports, low exports weigh as India's trade deficit widens to $19.1 billion
India's merchandise trade deficit widened to $19.1 billion in April, surpassing a Reuters poll estimate of $17.23 billion. March saw a deficit narrowing to an 11-month low of $15.6 billion. Exports marginally rose by 1.06% to $34.99 billion, while imports surged 10.3% to $54.09 billion. Oil imports amounted to $16.46 billion. Gold imports doubled to $3.11 billion.
Why does gold have an important place in everyone's portfolio, irrespective of age and gender?
As Akshaya Tritiya approaches, a time considered auspicious for buying gold for prosperity and good fortune, the gold-buying frenzy is about to be unleashed notwithstanding the current stratospheric rates gold has reached currently. The decision to buy gold this Akshaya Tritiya depends on several factors. Check here before you invest.
Govt updates list of banks authorised to import gold, silver during FY25
The government updated the list of banks authorized to import gold and silver for the fiscal year 2024-25. Eleven banks, including HDFC Bank and ICICI Bank, received authorization from the Reserve Bank of India (RBI) to import gold and silver from April 1, valid until March 31 next year.
India's March gold imports set to drop 90% as prices surge
India's gold imports are anticipated to plummet by over 90% in March, reaching the lowest level since the COVID pandemic. This decline, driven by high prices dampening demand, is expected to be around 10 to 11 metric tons, compared to 110 metric tons in February. Such reduced imports could help India narrow its trade deficit and bolster the rupee.
Not all gold actually glitters
Can anything be done to curb gold smuggling? If there's no import tax, there would be no financial incentive to smuggle gold (even as other reasons will still be there). However, even smugglers have financial costs of 2-3%. As such, the break-even level of import tax where the financial incentive to smuggle gold would be negated could be guesstimated at 3%.
Centre exempts gold import by RBI from customs duty, agri cess
The Centre exempted gold imported by the Reserve Bank of India from import duty and Agriculture Infrastructure Development Cess. India, the second-biggest consumer of gold, depends on imports. Cumulative gold imports reached $37.85 billion from April-January in FY24, with imports in January alone standing at $1.9 billion.
India allows RBI to import gold without paying import levies
As of September 2023, the Reserve Bank of India held 800.79 metric tonnes of gold, including gold deposits of 39.89 tonnes.
India mulls quota-based duty cuts on gold imports to Switzerland under EFTA
Switzerland had sought duty concessions on inbound shipments of gold, which accounts for about 80% of India’s total imports from Switzerland. Quota based concessions to Switzerland are crucial as India has already extended 1% duty concession to gold importers under tariff rate quota in its trade pact with the UAE.
India may give quota-based duty concession on gold imports from Switzerland under EFTA trade pact
India is considering quota-based duty concessions on gold imports from Switzerland as part of a proposed free trade agreement with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. India seeks a USD 50 billion investment commitment from EFTA members over the first ten years post-agreement and an additional USD 50 billion in the subsequent five years.
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