Tag Archives: India

Gold Smuggling in India Spikes 446% in Last 12 Months

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“As per the report, Directorate of Revenue Intelligence (DRI) had filed 40 gold smuggling cases in the last year whereas it has increased to 148 cases in the past 12 months. The aggregate value of the seized illegal gold from 464 people in 2013-14 is es at Rs 245 crore.  Most of the gold smugglers are arrested from the nation’s international airports. The customs officials at the Indira Gandhi International Airport said that they have nabbed 353 kg of gold worth at Rs 90 crore in this current financial year whereas it was 20-25 kg of gold in the last year.  India had witnessed a dangerous increase of CAD to $88.2 billion which is about 4.7% of the country’s GDP in the year 2012-2013.”

http://www.scrapmonster.com/news/gold-smuggling-in-india-spikes-446-in-last-12-months/1/12756

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Jim Rogers: I am sceptical India government will deliver on promises

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“Normally, when markets move as per anticipation, one should sell as an expression in financial markets — buy on rumours and sell on news.  If I were an Indian, I would probably sell into this kind of excitement.  I am sceptical about India because I have seen Indian politicians for decades.  Everyone knows that India has been badly managed for decades. There are concerns about inflation, trade deficit, high debt-to-GDP ratio. Whether Modi can solve all these problems, I don’t know, I am still sceptical.  If India makes currency convertible and opens the markets to all investors, where anyone can bring money in and take it out, then only I would get excited.”

http://economictimes.indiatimes.com/opinion/interviews/now-is-the-time-to-deliver-on-promises-but-i-am-sceptical-says-jim-rogers-chairman-of-rogers-holdings/articleshow/35234622.cms

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Sell in May and Go Away… Then Buy Bombay?

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“What’s so great about Modi? Yes, he’s promised a cure for India’s #1 economic problem by ushering in an infrastructure boom, but that hardly makes him special. Promising to build infrastructure in India is like promising to ‘create jobs’ in the US: every candidate does it. The question is whether they can accomplish it. Stifled by India’s world-class bureaucracy, Modi’s predecessors have failed miserably.  If he’s successful in breaking through India’s bureaucratic logjam to clear the way for upgrading its decrepit infrastructure, I think Indian stocks could enter an extended bull market. Allocating a few percent of your portfolio to a stock or two on the Bombay exchange is a good idea.”

http://www.caseyresearch.com/cdd/sell-in-may-and-go-away-then-buy-bombay

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U.S. would welcome Modi as India leader despite past visa ban

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“Modi was shunned by Western nations for years after the bloodshed in Gujarat, where he has been chief minister since 2001. He was denied a U.S. visa in 2005 under the terms of a 1998 U.S. law which bars entry to foreigners who have committed ‘particularly severe violations of religious freedom.’  Modi’s rise on the national stage, however, and the importance of relations with India, which the United States sees as a key counterbalance to China in Asia, have forced a rethink.  The State Department described the Indian elections as ‘an inspiring example of the power of the democratic process in action’ and stressed their peaceful nature – in spite of the killing of 41 Muslims in the state of Assam.”

 

http://www.reuters.com/article/2014/05/12/us-india-election-usa-idUSBREA4B0Y120140512

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New PM Modi Tells India’s Hindu Heartland He’s Doing God’s Work

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“‘There’s a lot of work that god has put me on this earth for,’ Modi said yesterday on the banks of the Ganges River in Varanasi, his constituency, after attending a prayer service at a temple dedicated to Lord Shiva, the Hindu god of destruction and transformation. ‘A lot of it is dirty work, but I am up to the task.’  Opponents of Modi have said he’ll stoke violence between Hindus and Muslims, which has played a defining role in politics since independence. Modi has been accused of failing to stop riots in Gujarat 12 years ago that killed more than 1,000 people, mostly Muslims, and had prompted the U.S. to deny him a visa.”

http://www.bloomberg.com/news/2014-05-17/thousands-greet-modi-in-delhi-after-historic-india-win.html

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Google facing $5 billion antitrust fine in India

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“Google may be in the midst of securing a deal on its long-running search dispute with the European Union, but it’s still facing a possible $US5bn (£3bn) fine from the Competition Commission of India (CCI) over allegations it has abused its market leading position in the internet search space.  Local laws state that the CCI can impose a fine of up to 10 per cent of annual turnover, which is calculated as an average over three years. The CCI also has the power to order a company found to be too dominant to be broken down into smaller businesses.  There’s apparently no settlement process for antitrust cases brought before the CCI and complaints can’t be withdrawn.”

http://www.theregister.co.uk/2014/03/10/cci_antitrust_google_india_5_billion_dollars/

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Cryptocurrencies Gaining Popularity in India’s Major Cities

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“Bangalore already has two meet-up groups with over 500 active members. One of the groups, the Bangalore Bitcoin Creativity Crew also met last weekend. It was organised by Benson Samuel, an early adopter of bitcoin in India.  ‘Across India I do believe that we have crossed over 1,000 members who regularly attend the meet-ups,’ said Samuel. ‘Step one in the direction that I am pushing is to start meet-ups in as many cities in India as possible.’  The other meet-up group in India’s Silicon Valley is organised by Vikram Nikkam and Sathvik Vishwanath. The duo also run Unocoin, India’s bitcoin exchange.”

http://www.coindesk.com/digital-currencies-gaining-popularity-india/

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India To “Look Into” Easing Gold Price Controls

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“Two weeks ago, gold jumped to a then-2014 high, following reports out of India that the head of India’s Congress Party, Sonia Gandhi was pushing the government to cut its duty on gold and other restrictions. Today, now that the upward move in gold has finally resumed, it appears that the nation with the world’s most draconian gold capital controls, is finally starting to crack under pressure from the people, as well as a surge in gold smuggling via illegal channels to unprecedented levels. Reuters reports that India ‘will look into relaxing gold imports curbs, but won’t let its current account deficit (CAD) balloon, Finance Minister P. Chidambaram said on Monday.'”

http://www.zerohedge.com/news/2014-02-17/india-look-easing-gold-price-controls

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Notice Sent To RBI Demanding Clarity On Bitcoin Law In India

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“In the letter, Venugopal Badarawada threatens to approach the court if the bank fails to act within a month. He has asked the RBI to come up with a clear policy framework for regulating crypto currencies in India within a reasonable time, by immediately setting up a committee of experts from relevant fields such as information technology, finance law, economics, foreign trade and exchange etc.  Badarawada points out that the RBI has not made any statement whatsoever explaining under which provision of law the usage of a virtual currency is illegal. There is also a serious concern as to what aspects of FEMA apply to buying and selling of virtual currencies.”

http://www.medianama.com/2014/01/223-rbi-legal-bitcoin-india/

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Indian government seeks gold purchase information from jewellers

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“The government has asked jewellers to provide information on purchases of gold bars or jewellery worth more than 500,000 rupees by the end of this month, a move seen keeping a check on big transactions amid rising smuggling.  India has been trying to curtail shipments of gold, the second-biggest import bill after crude oil, as it seeks to curb a gaping trade deficit. The country last year raised import duty to 10 percent and tied gold imports to jewellery exports. As a result, jewellers have been forced to depend on recycled or smuggled gold to meet demand.”

http://in.reuters.com/article/2014/01/15/india-gold-idINDEEA0E0CB20140115

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