Precious metal

Customs Duty on Articles of Jewellery, Gold and Silver wares revised

As part of measures to contain the current account deficit, the customs duty on gold has been revised upwards periodically in the past two years. Prior to 17th January 2012, the import duty on standard gold (of purity 99.5% & above) was Rs. 300 per 10 gm. The duty was raised to 2% w.e.f. 17th… Read More

Tags: GoldIndiaJanuary 2012JewelleryPrecious metalSilverTariff

RRBs – Lending against Gold

RBI/2012-13/541 RPCD. RRB. BC. No. 79/03.05.33/2012-13 June 25, 2013 All Regional Rural Banks Dear Sir/Madam Lending against Gold Please refer to paragraph 98 of the Monetary Policy Statement 2013-14 announced on May 3, 2013 on lending against gold, proposing to restrict the facility of advances against the security of gold coins per customer to gold coins weighing… Read More

Tags: Central bankExchange-traded fundGold coinGold exchange-traded productLoanMonetary policyMutual fundPrecious metal

RBI Clarification on NBFCs finance for Purchase of Gold

RBI/2012-13/510 DNBS.CC.PD.No.326/03.10.01/2012-13 May 27, 2013 To All NBFCs Dear Sir, NBFCs  finance for Purchase of Gold In terms of extant guidelines issued vide circular DNBS.CC.PD.No.265/03.10.001/2012-13 dated March 21, 2013 no advances should be granted by NBFCs against bullion / primary gold and gold coins. 2. It is clarified that no advances should be granted by NBFCs… Read More

Tags: Exchange-traded fundGoldGold coinGold exchange-traded productMutual fundPrecious metalReserve Bank of IndiaRun batted in

RBI Clarification on Lending against Gold

RBI/2012-13/509 DBOD. No. Dir. BC. 96/13.03.00/2012-13 May 27, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam Lending against Gold Please refer to paragraph 98 of the Monetary Policy Statement 2013-14 announced on May 3, 2013 (extract enclosed) on lending against gold, proposing to restrict the facility of advances against the security of gold coins… Read More

Tags: Central bankExchange-traded fundGold coinGold exchange-traded productLoanMonetary policyMutual fundPrecious metal

Submission of Undertaking: Renewal of Authorisation

RBI/2012-13/494 IDMD.PDRD.No. 3089/03.64.027/2012-13 May 08, 2013 All the Primary Dealers Dear Sir/Madam, Submission of Undertaking: Renewal of Authorisation In terms of Para 1.4 of Section I (for standalone PDs) / Para 2.3 of Section II (for Bank-PDs) of the Operational Guidelines to Primary Dealers dated July 02, 2012; the PDs are required to have a… Read More

Tags: ExportFinancial inclusionGold coinGovernment of IndiaMonetary policyPrecious metalReserve Bank of India

Clarification on Amendment to Section 206-C of Income Tax Act

Clarification on Amendment to Section 206-C of Income Tax Act dealing with Tax Collection at Source (TCS) on Sale of Bullion or Jewellery in Cash: Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh… Read More

Tags: BullionCoinGold coinJewelleryOuncePrecious metal

CLR Snippets :: Amendment in Money Laundering Act

The Government has recently amended the Money Laundering Act. The objectives of recent amendment in Prevention of Money-laundering Act, 2002 is to strengthen the legislative and administrative framework of the country to prevent money laundering and countering financing of terrorism and capabling to handle the new evolving threats. Bullion traders have expressed that Germs and jewellery sector… Read More

Tags: BullionGermsKnow Your Customermoney launderingPrecious metalPrevention of Money Laundering ActPrevention of Money Laundering Act 2002Terrorism financing

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