Page 31 - Bullion World Issue 9 January 2022
P. 31
Bullion World | Issue 09 | January 2022
India's Trade Deficit Government to sell
Widened As Gold Import confiscated gold only to RBI
Bills Have Surged hereafter
Indians are again bagging massive amounts of Under the new guidelines, SPMCIL has been engaged for
gold, although the prices surged this time. As collection, transportation and conversion into standard gold
they are buying gold from Indian markets, gold bars and delivery to RBI
import bills are rising significantly, widening the
trade deficits. In April-November, this year, India's Finance Ministry has decided that hereafter seized or
trade deficit expanded to $122 billion. In the first 8 confiscated gold will be sold to the Reserve Bank of India (RBI)
months of the current fiscal, gold import bills have only. This does not include gold ornaments or jewellery.
surged 170% than to the same period of the earlier
fiscal. This eventually increased the trade deficit of The Ministry has amended the guidelines and the amended
the country. version says, “It has now been decided that henceforth seized/
confiscated gold will be sold (other than gold ornaments/
Source: https://www.goodreturns.in jewellery/articles) to RBI only. In this regard, the Board has
consulted RBI and Security Printing and Minting Corporation
RBI Tanks Up On of India Limited (SPMCIL) and also signed a tripartite
Gold, Decline in Major Memorandum of Understanding (MOU) with them.”
Currencies Continues
Old guidelines prescribed gold in various forms such as bullion,
RBI has bought 71 tonnes of gold in just 10 months jewellery, ornament, seized/ confiscated by the field formations
this calendar year. Falling global prices of gold, of CBIC including the Directorate of Revenue Intelligence to be
economic uncertainty, decline in major currencies sold to the Public Sector Banks and other agencies.
such as US dollar prompt the buying spree.
Source: https://www.thehindubusinessline.com
Gold has a very unusual lover. The charm of
the yellow metal has had a potent impact on What works and what does
the Reserve Bank of India, which has been on not in silver exchange-traded
a gold buying spree since 2009. In the first 10 funds
months of this calendar year alone, India’s central
bank has bought 71 tonnes of gold, which is the Mutual fund houses have been rushing to apply for silver
second highest annual level of buying in the new exchange-traded funds (ETFs) after the markets regulator,
millennium. In 2009, India bought 200 tonnes of the Securities and Exchange Board of India (Sebi), allowed
gold from the International Monetary Fund (IMF). these instruments to be introduced in India. These ETFs are
passively managed funds that will be investing a big portion
Source: https://www.outlookindia.com of their assets in physical silver and tracking its performance
as close as possible to the price of the commodity. We asked
31 experts whether this new investment instrument will help
home buyers.
Source: https://www.livemint.com
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