Tag Archives: Exchange

Coming Soon, India’s First Physical Gold Exchange

Agen Sabung Ayam

CHENNAI: The country’s first actual physical gold trade could be a actuality following calendar year.

Mumbai-based India Bullion and Jewellers Association (IBJA), a trade human body comprising gold dealers, traders and jewellers, is in dialogue with the Ministry of Finance to set up with the proposed trade.

“We are in touch with the Finance Ministry, which will soon occur out with a coverage document on the proposed investing trade. When the document is ready, we will have clarity on the structure and possession apart from other formalities we need to offer with,” Saurabh Gadgil, Vice President, IBJA told Categorical.

He additional that the affiliation will also coordinate with regulators like Sebi and RBI aside from searching for assist from the existing exchanges on the running of functions. Setting up a gold investing trade makes it possible for jewellers, refiners, banks and buyers to trade bodily gold. People who have surplus will have a clear system to offer straight.

India consumes practically one,000 tonne of gold every single yr. Indian homes are believed to have stocked up in excess of 22,000 tonne of gold, which the federal government has been striving to mobilise through the not too long ago-introduced schemes like Gold Monetisation. Environment up an exchange, which permits transparent buying and selling, will be yet another step to encourage homes to open up their gold vaults.

The concept was very first sounded off by Shaktikanta Das, Secretary, Financial Affairs last week. Analysts say, this kind of a shift could overhaul actual physical trade in the world’s biggest bullion industry. Presently, China, one particular of the prime gold customers, runs this sort of a bourse, where all domestic production and imported gold has to be purchased and bought.

In India, the Multi Commodity Trade (MCX) and Nationwide Commodity and Derivatives Trade (NCDEX) provide gold futures contracts in India, but there is no platform for physical trade as such.

The shift to set up the exchange also arrives a thirty day period after the govt had introduced three techniques particularly, Gold Monetisation and Sovereign Bond and Gold coins.

In accordance to Gadgil, there had been several choices currently to forge tie-ups, with existing exchanges, or banks etc.

“We will have to hold out for the government’s policy doc ahead of firming up our strategies. We want to launch the trade, but the construction and other modalities will be finalized only next year,” he additional.

India Bullion and Jewellers Affiliation may require companions to start the exchange as an anchor investor, or promoter, can not maintain much more than 26 for each cent in a commodity exchange.

The New Indian Specific – Top News – http://www.newindianexpress.com/best_news/

CBI Starts Quizzing Dayanidhi Maran in BSNL Telephone Exchange Case

Agen Sabung Ayam

NEW DELHI: CBI today questioned former Telecom Minister Dayanidhi Maran in connection with the case of alleged installation of over 300 high-speed telephone lines at his Chennai residence.            

This comes after the Supreme Court had rejected the demand of CBI to take Maran into custody while directing the former minister to appear before the agency from 11 AM to 5 PM for six days for answering its queries.    

Maran reached the agency headquarters in the morning where his examination is underway, CBI sources said.           

CBI has registered an FIR against Maran and others alleging that over 300 high-speed telephone lines were provided at his residence here and extended to his brother Kalanithi Maran’s SUN TV channel to enable its uplinking when Dayanidhi Maran was Telecom Minister from 2004-07.           

The then Chief General Manager of BSNL has claimed that the telephone exchange was set up on the oral order of the then minister, Attorney General Mukul Rohatgi told the SC.        

Madras High Court had on August 10 cancelled Maran’s interim anticipatory bail and directed him to surrender before CBI in three days, holding that “prima facie” Maran had “misused” his office by obtaining phone connections illegally and the charges against him were backed by material.  

It was challenged before the apex court by Maran where CBI had claimed his custodial interrogation by the probe agency which said it needed his custody to unravel the “actual conspiracy” as the telephone lines were allegedly used by his family-run Sun TV.   

“We will not grant you (CBI) his custody. Interim order (of protection against arrest) to continue. In the meantime, we direct the petitioner to appear before CBI…,” the apex court said, admitting the plea of Maran for final hearing.     

It asked Attorney General Mukul Rohatgi, appearing for CBI, to prepare a questionnaire and give them to CBI personnel and the accused and further granted liberty to the agency to move before it if Maran does not cooperate and answer the queries.  

The New Indian Express – Top News – http://www.newindianexpress.com/top_news/