The primary purpose of this blog (Prithviraj Kothari 's view on Bullion Markets - MD, RSBL (RiddiSiddhi Bullions Ltd.)) is to educate the masses of the current happenings in the Bullion world.

 

 

 

PM Defends Hike in duty (27/03/2012)
Finance Minister Pranab Mukherjee defended the government's decision to double import duty on gold saying that high imports were straining balance of payments and exchange rate of the rupee. India imported gold and silver worth $54.5 bln in Apr-Feb, accounting for 12.6% of total imports “The import of gold of such magnitude strains balance of payments and affects exchange rate of rupee through impacting supply-demand balance of foreign exchange”, said Mr.Mukherjee
I agree to the balance of payment issue that the government is facing via high imports of gold. But double duty is not the right solution to this issue. Gold has always been a popular investment destination for all types of investors, standing out as a tried and true safe haven that generally performs well in times of equity market turbulence, uncertainty as well as an alternative to fiat currencies that have occasionally come under pressure. In India, Gold is bought by almost all classes of society and such a duty will affect the imports and in turn the reserves. It will also lead to an increase in various other illegal modes of gold procurement so as to save the extra costs over it.

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UNION BUDGET 2012-13- WE STRONGLY OPPOSE IT (22/03/2012)
Let me first state down the important highlights of the budget with regards to the Bullion, Gem and jewellery Industry-
· Gold import duty has been doubled to 4 per cent · Excise duty on Branded and non Branded Jewellery has increased by one per cent · 2 per cent tax on cash sales of over 2 lakh · Excise duty of 1 percent on silver branded jewellery has been removed.

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PEACE PROTEST AGAINST THE UNION BUDGET (19/03/2012)
The Bombay Bullion Association along with all the bullion and jewellery dealers stood united against the Union Budget 2012-13. March 17,18 and 19 were declared bandh. We all protested against the duties levied tin this year's budget. We hope that some initiative is taken by the government and they take decision in favor of the common man

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Felicitated with 'Jain Ratna Award' by the Honorable President (17/03/2012)
I, Prithviraj Kothari would like to express my heartiest thanks to you, for sending me your wishes and beautiful flowers on 13th March 2012.
It gives me immense pleasure in seeing that with grace of god, my family, all good friends and colleagues, I have managed to reach to a level which I have dreamt of. Receiving this award from Hon President of India,Smt. Pratibhadevi Patil, is a great pride in itself.

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Volatility in GOLD.....WHY????? (12/03/2012)
SPOT MARKET prices for gold bullion hit a six-week low of $1682 an ounce Tuesday lunchtime in London – a fall of 1.8% from last week's close – as stocks, commodities and the Euro continued their recent slide and uncertainty hung over recent European agreements.
Gold futures haven't settled below $US1,700 since January 24, though prices moved below this level in intraday trade twice last week.

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The primary purpose of this blog (Prithviraj Kothari 's view on Bullion Markets - MD, RSBL (RiddiSiddhi Bullions Ltd.)) is to educate the masses of the current happenings in the Bullion world.