The usage of debit or credit cards for online forex trading transaction is prohibited by the RBI. Recently, on Tuesday, the RBI has noticed all banks to close the accounts of those who make use of their account for such transactions. They also stated that if any bank fails to take the necessary steps to close such accounts, the RBI will take immediate action on such banks.
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The cost of gold has reduced Rs.136 Per Sovereign on Wednesday morning (Sept 18, 2013). A sovereign was worth Rs.22296.00 and a gram was Rs.2787.00
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Now the finance companies who lend against gold have fallen in the eyes of Reserve Bank of India. Reserve Bank of India has mentioned that lenders need to value the pledged gold at the average closing price of 22-carat gold for the preceding 30 days as quoted by the Bombay Bullion Association Ltd, to arrive at the loan-to-value ratio, while the ratio would remain at 60 per cent for loans against jewelry. Currently, there is no standard method for arriving at the value of gold accepted as collateral and valuation are arbitrary and opaque.
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Handset maker Nokia has announced the Nokia 108 and the Nokia 108 Dual SIM priced at Rs 1,800 excluding taxes.
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During the month of August, just 3.5 tonnes of gold were imported from India. This rate is just one tenth of the quantity imported one year back. Looking at this range, the managing director of one of the India’s oldest jewelers – C. Vinod Hayagriv stated that this sum is absolutely against the 40 tonnes of gold consumed by the domestic jewelers.
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