The gifting of gold at weddings and festivals, and its purchase as a store of value are deeply held traditions in India, and the country has been trying to overhaul its fragmented gems and jewelry industry to make supply more transparent, help enforce purity standards and bolster confidence among consumers.
The Securities and Exchange Board of India, the regulator appointed by the government, has proposed a new framework laying out the role of spot exchanges, assayers, vaults and traders and the policy is open for public feedback till June 18.
While there is no official deadline for the final rules, the industry’s expectations are that they will be firmed up by September, according to Shekhar Bhandari, the Mumbai-based president and business head of global transaction banking at Kotak Mahindra Bank Ltd. The Indian gold industry is also banking on spot trading to provide it a greater say in pricing, much like biggest consumer China.
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RBI re-opened its one-time loan restructuring plan for individuals, small businesses, MSMEs
In an unscheduled address on Wednesday, May 5, Reserve Bank of India (RBI) Governor Shaktikanta Das announced several set of measures to tackle the economic disruptions amid the second wave of the COVID-19 pandemic in the country. The central bank will provide term-liquidity support of Rs 50,000 crore to ease the access of funds for emergency medical services. This comes at a time when the healthcare system is overburdened with surging coronavirus cases. (
The RBI also re-opened its one-time loan restructuring plan for individuals, small businesses, and micro, small and medium enterprises (MSMEs) currently affected by the state-wise lockdown restrictions. The small borrowers having exposure up to Rs 25 crore, who did not avail of the restructuring earlier and where loans were classified as standard as of March 31, 2021, will now be eligible for loan restructuring in the second round.
RBI relaxes compliance norms for KYC
May 06, 2021
No punitive action until Dec 31, 2021 if customers unable to update KYC The Reserve Bank of India on Wednesday announced relaxation in compliance for Know Your Customer (KYC) norms due to the ongoing pandemic and lockdowns.
RBI Governor Shaktikanta Das said that banks and regulated entities will not impose punitive actions until December 31, 2021 if customers are unable to update KYC.
“Keeping in view the Covid-related restrictions in various parts of the country, regulated entities are being advised that for the customer accounts where periodic KYC updating is due or pending, no punitive restriction on operations of customer accounts shall be imposed till December 31, 2021 unless warranted due to any other reason or under instructions of any regulator/enforcement agency or court of law, etc,” RBI Governor Shaktikanta Das said. However, account holders are requested to update their KYC during this period, the central bank ad