Search Result for : Silver

By Sheela Mamidenna As the Chairman of the Empowered Group of State Finance Ministers which was instrumental in the formulation of GST Laws in 2009, Dr Asim Kumar Dasgupta can be rightly called as the ‘architect of GST’. A reformer by heart he set out to mastermind the most ambitious tax reform in Indian history by introducing the Value Added Tax (VAT). He was the man who was instrumental in doing away with many draconian tax levies such as octroi and highway toll in West Bengal and was fondly referred to as ‘my US-trained finance minister’ by the then Chief Minister of West Bengal, Jyoti Basu.  Dr Dasgupta, an MIT graduate continues to inspire the new generation as he lectures at various ...

The Dollar Business Bureau  The government’s demonetisation move last November to crackdown unaccounted money along with the higher prices affected the demand of silver bar in the country leading to a drop in global silver bar investment by almost half in 2016, said a survey. In 2016, silver mine production globally witnessed its first drop since 2002, declining by 0.6% last year to an overall of 885.8 million ounces (Moz), said the World Silver Survey 2017 that is released by Silver Institute and published by the GFMS Team at Thomson Reuters (GFMS) on its behalf. A major proportion of the decline was due to the zinc/lead and gold segments, where output dropped by 15.9 Moz. Overall physical silver demand fell by 11% in 2016 ...

The Dollar Business Bureau  The DGFT in its latest notification number 40/2015-2020 dtd Feb 23, 2017 makes the following amendment to Chapter 4, paragraph 4.34(i) of Foreign Trade Policy 2015-20.  According to the latest amendment, exporters of gold/silver/platinum jewellery and their related inputs who have availed CENVAT credit facility, and have exported the finished goods availing duty free rebate, can further restock precious metals from authorised centres.  However, the DGFT stresses that the duty-free inputs should be used in the manufacture of dutiable-goods in the same premises where the earlier products were manufactured. And the sale or transfer of such duty-free precious metal inputs is not permissible.

The Dollar Business Bureau The Government after considering various representations and feedback related to All Industry Rates (AIR) of Duty Drawback that took effect on 15.11.2016 has notified certain changes vide Notification No.03/2017-Customs (N.T.) dated 12.01.2017. These changes take effect from 15.01.2017. The changes include: Tariff entry for ‘Surimi Fish Paste’ under tariff item 160401 has been shifted to tariff item 030402 (Chapter 3- FISH AND CRUSTACEANS, MOLLUSCS AND OTHER AQUATIC INVERTEBRATES) and description of tariff item 160401 has been amended to read as ‘Surimi Analogue Product’ to address classification issue Drawback cap of Silk Fabric is being increased Drawback rates/caps are being changed for Man-made fibre floor coverings that come under the broad classification of Carpets and Other Textile Floor Coverings. They can be ...

The Dollar Business Bureau Central Board of Excise & Customs (CBEC) has revised tariff value of specified goods including palm oil, soya bean oil, poppy seeds, areca nuts, brass scrap, gold and silver, among others in its notification no.- No.123/2016-Customs (N.T.) issued on Friday. The tariff value of crude palm oil, RBD palm oil and palm oil (others) has been revised to $767 per metric tonne, $776 per metric tonne and $772 per metric tonne, respectively. In addition, the tariff value per metric tonne has been revised of other specific goods, including crude palmolein ($811), RBD palmolein ($814), palmolein - others ($813), crude soya bean oil ($827), brass scrap - all grades ($3055), poppy seeds ($2533) and areca nuts ($2623). Gold, in any form, now has ...

PTI Taking comfort from firm global developments and increased buying by jewellers at the domestic market, gold rose for the second straight day by surging Rs 220 to Rs 31,250 per 10 grams today. Silver bounced by Rs 470 to Rs 47,820 per kg backed by increased demand from coin makers and other consuming industries. Marketmen said that besides a firming trend overseas, more buying activity by jewellers to meet retailer demand at domestic spot markets mainly kept the precious metals higher. Globally, gold rose 0.11 per cent to USD 1,364.30 an ounce and silver by 0.07 per cent to USD 20.58 an ounce in Singapore today. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged Rs 220 each to ...

PTI Gold prices eased Rs.20 to Rs.30,750 per 10 grams at the bullion market on Saturday, in keeping with a weak trend overseas amid muted demand from jewellers and retailers at the domestic spot market. Silver followed suit and came off by Rs.75 to Rs.46,125 per kg due to reduced offtake by industrial units and coin makers. Traders attributed the fall in gold prices to a weak global trend where the precious metal headed for its first back-to-back weekly decline since May as gains in equities and the dollar ate into demand for the metal as a storage value. Globally, gold fell 0.65 per cent to $1,322.10 an ounce and silver 0.73 per cent to $19.59 an ounce in New York on Friday. In the ...

The Dollar Business Bureau Silver shot up to its highest in 11 months on Wednesday, leading gold for a gain in the second session and taking platinum to a new 6-month high. The white metal rallied due to a weaker dollar with a positive trend seen in the Chinese economy. Currently, silver has been on an upswing. It increased 22% this year, making it one of the lucrative investments of 2016. The increase has outshone gold with a gain of 18% this year. Spot silver jumped to $17.21 per ounce, the highest since May 2015, subsequent to a 4.4% rise on Tuesday. Platinum, after rallying about 4% in the previous session, reached a 6-month high of $1,019.90. Palladium reached $588.05, a new high ...