Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Gold and note ban: How black money turned white, then yellow -Rajesh Bhayani    </title>
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Gold imports in January-March 2017 were the most since the same quarter of 2013

January-March 2017 has been the best fourth quarter in terms of gold imports since early 2013.

Gold imports in the last quarter stood at 230 tonnes, and..."/>
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Gold imports in January-March 2017 were the most since the same quarter of 2013

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Gold imports in the last quarter stood at 230 tonnes, and..." />
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                            <div align="justify">-Business Standard<br /><br /><em>Gold imports in January-March 2017 were the most since the same quarter of 2013<br /></em><br />January-March 2017 has been the best fourth quarter in terms of gold imports since early 2013.<br /><br />Gold imports in the last quarter stood at 230 tonnes, and more than 100 tonnes is estimated to have been imported in March alone.<br /><br />But for the blip in December, gold imports have gone up significantly following the government&rsquo;s announcement of demonetisation, after being subdued for the first seven months of 2016-17.<br /><br />Between April and October 2016, only 264 tonnes of gold was imported, while in the next five months, imports went up to 360 tonnes. <br /><br />The rise in the import bill in the last quarter is also because of unofficial imports falling to very low levels after demonetisation and rising prices of gold internationally, say experts. <br /><br />After Prime Minister Narendra Modi announced banning old Rs 500 and Rs 1,000 notes on November 8, 2016, several black money holders bought gold with the old currency after paying a high premium, and this resulted in an import of 100 tonnes of gold in November. Imports moderated to 30 tonnes in December as the government began raids on jewellers indulging in such conversions, while in January there was a revival and imports climbed to 48 tonnes.<br /><br />With the general consensus that the yellow metal prices would not go down much, imports have been significantly better in February (80 tonnes) and March. <br /><br />In April too, the demand is expected to be strong. Shekhar Bhandari, senior executive vice-president, Kotak International Banking, said, &ldquo;The demand for gold continues to be good on account of festivities as well as the marriage season. Also, the overall mood seems more positive, which is reflecting in demand. I expect demand to continue for April.&rdquo; <br /><br />The Hindu festival of Akshaya Tritiya, which falls on April 28, is considered auspicious for gold buying.<br /><br />However, imports increase ahead of a revision of the tariff value for gold, based on which the customs duty is charged, irrespective of the import price. The government decides the tariff value for several commodities, including gold.<br /><br />When gold prices are rising, importers prefer to release their imported gold a few days ahead of the announcement of the tariff value, which takes place at the beginning of the first and the second fortnight every month. <br /><br />Please <a href="http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html" title="http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html">click here</a> to read more.</div>                                                           
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                            <div align="justify">-Business Standard<br /><br /><em>Gold imports in January-March 2017 were the most since the same quarter of 2013<br /></em><br />January-March 2017 has been the best fourth quarter in terms of gold imports since early 2013.<br /><br />Gold imports in the last quarter stood at 230 tonnes, and more than 100 tonnes is estimated to have been imported in March alone.<br /><br />But for the blip in December, gold imports have gone up significantly following the government&rsquo;s announcement of demonetisation, after being subdued for the first seven months of 2016-17.<br /><br />Between April and October 2016, only 264 tonnes of gold was imported, while in the next five months, imports went up to 360 tonnes. <br /><br />The rise in the import bill in the last quarter is also because of unofficial imports falling to very low levels after demonetisation and rising prices of gold internationally, say experts. <br /><br />After Prime Minister Narendra Modi announced banning old Rs 500 and Rs 1,000 notes on November 8, 2016, several black money holders bought gold with the old currency after paying a high premium, and this resulted in an import of 100 tonnes of gold in November. Imports moderated to 30 tonnes in December as the government began raids on jewellers indulging in such conversions, while in January there was a revival and imports climbed to 48 tonnes.<br /><br />With the general consensus that the yellow metal prices would not go down much, imports have been significantly better in February (80 tonnes) and March. <br /><br />In April too, the demand is expected to be strong. Shekhar Bhandari, senior executive vice-president, Kotak International Banking, said, &ldquo;The demand for gold continues to be good on account of festivities as well as the marriage season. Also, the overall mood seems more positive, which is reflecting in demand. I expect demand to continue for April.&rdquo; <br /><br />The Hindu festival of Akshaya Tritiya, which falls on April 28, is considered auspicious for gold buying.<br /><br />However, imports increase ahead of a revision of the tariff value for gold, based on which the customs duty is charged, irrespective of the import price. The government decides the tariff value for several commodities, including gold.<br /><br />When gold prices are rising, importers prefer to release their imported gold a few days ahead of the announcement of the tariff value, which takes place at the beginning of the first and the second fortnight every month. <br /><br />Please <a href="http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html" title="http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html">click here</a> to read more.</div>                                                           
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    <br><a href="http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html" class="re" target="_blank">Business Standard, 17 April, 2017, http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html</a><div class="clear"></div>
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-Business Standard

Gold imports in January-March 2017 were the most since the same quarter of 2013

January-March 2017 has been the best fourth quarter in terms of gold imports since early 2013.

Gold imports in the last quarter stood at 230 tonnes, and..." />
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    <h1 class="cat-box-title">Gold and note ban: How black money turned white, then yellow -Rajesh Bhayani</h1>
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                            <div align="justify">-Business Standard<br /><br /><em>Gold imports in January-March 2017 were the most since the same quarter of 2013<br /></em><br />January-March 2017 has been the best fourth quarter in terms of gold imports since early 2013.<br /><br />Gold imports in the last quarter stood at 230 tonnes, and more than 100 tonnes is estimated to have been imported in March alone.<br /><br />But for the blip in December, gold imports have gone up significantly following the government&rsquo;s announcement of demonetisation, after being subdued for the first seven months of 2016-17.<br /><br />Between April and October 2016, only 264 tonnes of gold was imported, while in the next five months, imports went up to 360 tonnes. <br /><br />The rise in the import bill in the last quarter is also because of unofficial imports falling to very low levels after demonetisation and rising prices of gold internationally, say experts. <br /><br />After Prime Minister Narendra Modi announced banning old Rs 500 and Rs 1,000 notes on November 8, 2016, several black money holders bought gold with the old currency after paying a high premium, and this resulted in an import of 100 tonnes of gold in November. Imports moderated to 30 tonnes in December as the government began raids on jewellers indulging in such conversions, while in January there was a revival and imports climbed to 48 tonnes.<br /><br />With the general consensus that the yellow metal prices would not go down much, imports have been significantly better in February (80 tonnes) and March. <br /><br />In April too, the demand is expected to be strong. Shekhar Bhandari, senior executive vice-president, Kotak International Banking, said, &ldquo;The demand for gold continues to be good on account of festivities as well as the marriage season. Also, the overall mood seems more positive, which is reflecting in demand. I expect demand to continue for April.&rdquo; <br /><br />The Hindu festival of Akshaya Tritiya, which falls on April 28, is considered auspicious for gold buying.<br /><br />However, imports increase ahead of a revision of the tariff value for gold, based on which the customs duty is charged, irrespective of the import price. The government decides the tariff value for several commodities, including gold.<br /><br />When gold prices are rising, importers prefer to release their imported gold a few days ahead of the announcement of the tariff value, which takes place at the beginning of the first and the second fortnight every month. <br /><br />Please <a href="http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html" title="http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html">click here</a> to read more.</div>                                                           
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    <br><a href="http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html" class="re" target="_blank">Business Standard, 17 April, 2017, http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html</a><div class="clear"></div>
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Gold and note ban: How black money turned white, then yellow -Rajesh Bhayani

Published on Apr 17, 2017   Modified on Apr 17, 2017

-Business Standard Gold imports in January-March 2017 were the most since the same quarter of 2013 January-March 2017 has been the best fourth quarter in terms of gold imports since early 2013. Gold imports in the last quarter stood at 230 tonnes, and more than 100 tonnes is estimated to have been imported in March alone. But for the blip in December, gold imports have gone up significantly following the government’s announcement of demonetisation, after being subdued for the first seven months of 2016-17. Between April and October 2016, only 264 tonnes of gold was imported, while in the next five months, imports went up to 360 tonnes. The rise in the import bill in the last quarter is also because of unofficial imports falling to very low levels after demonetisation and rising prices of gold internationally, say experts. After Prime Minister Narendra Modi announced banning old Rs 500 and Rs 1,000 notes on November 8, 2016, several black money holders bought gold with the old currency after paying a high premium, and this resulted in an import of 100 tonnes of gold in November. Imports moderated to 30 tonnes in December as the government began raids on jewellers indulging in such conversions, while in January there was a revival and imports climbed to 48 tonnes. With the general consensus that the yellow metal prices would not go down much, imports have been significantly better in February (80 tonnes) and March. In April too, the demand is expected to be strong. Shekhar Bhandari, senior executive vice-president, Kotak International Banking, said, “The demand for gold continues to be good on account of festivities as well as the marriage season. Also, the overall mood seems more positive, which is reflecting in demand. I expect demand to continue for April.” The Hindu festival of Akshaya Tritiya, which falls on April 28, is considered auspicious for gold buying. However, imports increase ahead of a revision of the tariff value for gold, based on which the customs duty is charged, irrespective of the import price. The government decides the tariff value for several commodities, including gold. When gold prices are rising, importers prefer to release their imported gold a few days ahead of the announcement of the tariff value, which takes place at the beginning of the first and the second fortnight every month. Please click here to read more.

Business Standard, 17 April, 2017, http://www.business-standard.com/article/markets/gold-and-note-ban-how-black-money-turned-white-then-yellow-117041400638_1.html

Tagged with: Currency demonetisation Demonetisation Black Economy black money Gold Imports

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