Gold Imports Current Affairs - 2020

RBI to move Next Generation Treasury Application (NGTA) to manage Forex and Gold Reserves

The Reserve Bank of India (RBI) has decided to move towards the Next Generation Treasury Application (NGTA). This decision has been taken by the RBI for managing the country’s foreign exchange and gold reserves. The NGTA application will help improve the functioning of the central bank. About NGTA The NGTA will be a web-based application. For this Read More…

MECL Starts exploring the Kolar Gold Fields in Karnataka after 16 years

The Bharat Gold Mines Limited (BGML) in the Kolar Gold Field (KGF) again hopeful  for its revival in last 16 years after the Union Minister for Coal, Mines and Parliamentary Affairs Pralhad Joshi directed the Mineral Exploration Corporation Limited (MECL) to start exploring the gold fields. Background The Kolar Gold mine fields are located some Read More…

New Rules to sell hallmarked gold Artifacts

On January 14, 2020, the GoI announced that Indian jewellers shall be allowed to sell hallmarked gold artifacts that are made of 14, 18 and 22 carat gold alone. Also, it is mandatory for all jewellers to get compulsory hallmark. Currently gold hallmarking is voluntary. The mandatory ruling is to be implemented from January 15, Read More…

Foreign Exchange reserve touches a new high of 451.08 billion USD

According to the weekly data released by the Reserve Bank of India, the foreign exchange reserve touched a new high of 451.08 billion USD. The foreign exchange currency assets include the depreciation or appreciation of the non-US currency like pound, Euro and Yen as well. Highlights The increase is mainly due to the rise in Read More…

Government bans import of gold, silver items from South Korea

The Directorate General of Foreign Trade (DGFT) in the Union Commerce Ministry has banned duty free imports of gold, silver items from South Korea. These restrictions were imposed against the backdrop of sudden surge in imports of precious metals from South Korea, with which India has a free trade agreement (FTA) since January 2010. Now, Read More…