Page 9 - Bullion
Traders watch out! Centre mulls limiting cash deals at Rs 50,000 in bullion
Government is working on follow up measures to improve compliance by bullion trade. The proposal under consideration is to limit cash dealing among bullion dealers up to Rs.50,000 only and any transactions above that shall be through banking channel. The proposed move may not be applied to retail jewellers when they sale jewellery to customers as customers are still allowed to buy jewellery up to Rs.200,000 in cash without providing PAN. However jewellers buying from whole sales or goldsmiths buying gold bars from dealers have to be through banking channel above Rs.50,000 if the proposal is accepted.The move follows jewellers dealings which were in eye of storm immediately after demonitisation was announced when they heavily sold gold in cash at a huge premium by accepting high value currency notes which were withdrawn from the system on November 8 last year. In income tax raids that followed the premium gold sales by jewellers against withdrawn currency notes, in further scrutiny IT .
 "Traders watch out! Centre mulls limiting cash deals at Rs 50,000 in bullion")
Bullion bears hold on to short positions
Gold prices rise 4% this month but physical demand moderates
 "Bullion bears hold on to short positions")
Gold recovers on jewellers' buying; silver extends weakness
Wedding season demand spurs recovery in yellow metal; however, weak trend overseas caps the rise
 "Gold recovers on jewellers' buying; silver extends weakness")
Bullion mkt reopens after 16 days; gold tumbles 5% to Rs 1,750
Silver sheds almost 7% to Rs 41,600 a kg; jewellers shut since Nov 11 after I-T Dept carried out surveys, suspecting profiteering, tax evasion