Page 34 - Bullion World Volume 02 Issue 01 May 2022
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INDIA news
Bullion World | Volume 2 | Issue 01 | May 2022
New Agreement to Both the countries signed the
agreement, under which Australia would
Boost Gems and provide duty-free access in its market
Jewellery Trade for broad sectors of India including
jewellery. The agreement is likely to
with Australia come into force within the next four
months. In return, Australia will benefit
from access to areas such as diamond.
The Comprehensive Economic Incidentally, Australia has been one of
Cooperation Agreement (CECA) the largest suppliers of gold and silver
between India and Australia is expected bullion as well as diamond to India until
to boost the bilateral trade of gems and recently.
India's gold jewellery between the two countries, Source: https://www.scrapmonster.com
said the Gems and Jewellery Export
imports surge Promotion Council (GJEPC).
to $46.14 bn in
FY22 on higher Digital gold offers much more secure
demand storage combined with a rather
flexible way of investment
Gold loan major Muthoot Finance saw its active loan base shrinking in the third
India's gold imports, which have a quarter, while the consolidated loan assets under management increased 9%
bearing on the country's current year on year to Rs 54,687 crore.
account deficit (CAD), rose by
33.34 per cent to USD 46.14 Digitisation and innovative technologies are creating unprecedented disruption
billion during the 2021-22 fiscal in the entire banking and finance sector, and it comes as responsibility for
on account of higher demand, lenders like us to be agile to meet the rising expectations of customers. The gold
according to official data. Gold financing business in India has undergone a major transformation driven by the
imports were worth USD 34.62 increased use of technology for faster loan processing, accurate gold valuation,
billion in 2020-21. The surge safekeeping, auctions, and cost-cutting.
in gold imports during the last
financial year contributed to the Source: https://www.financialexpress.com
widening of the trade deficit to USD
192.41 billion, against USD 102.62
billion in 2020-21. GST Council may do
Source: https://www.business- away with 5% rate; move
standard.com
items to 3% & 8% slabs
With most states on board to raise revenue so that they
do not have to depend on Centre for compensation,
the GST Council at its meeting next month is likely to
consider a proposal to do away with the 5 per cent slab
by moving some goods of mass consumption to 3 per
cent and the remaining to 8 per cent categories, sources
said. Currently, GST is a four-tier structure of 5, 12, 18
and 28 per cent. Besides, gold and gold jewellery attract
3 per cent tax.
Source: https://economictimes.indiatimes.com
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