Skip to main content

FADF monitors the Indian jewelery industry


FATF says India's jewelery industry needs to be monitored, 
 

 Risks being used to finance terrorism


 NEW DELHI, France-based financial watchdog FATF has warned that high-volume transactions in India's gems and jewelery sector are likely to be used as tools for money laundering and terrorist financing.

In this regard, the organization's statement said


As the trade in navarat gems and gold jewelery has grown in India, there is a risk of their smuggling and black money transactions also increasing.

Removal of ban on gold loan to IIFL


Mumbai, 'I.I.F. RBI has removed restrictions imposed on the gold loan business of L. Finance, the company said.

 I.I. F. RBI had imposed restrictions on the gold loan business of L. Finance Company on March 4. They have now been withdrawn, the company said in the stock exchange.

Through this, the company has been allowed to engage in gold loan business again.

monitoring


In this sector, there are about 1.75 lakh distributors in India, but only 9,500 members are registered with the Gems and Gold Jewelery Export Development Council.

In the high-value jewelery industry, there is a lack of monitoring of those involved in illegal money transfers and smuggling. India should be serious in curbing the smuggling of navarat gems, jewellery, unaccounted movements and illegal money transactions through it, however small it may be.

Illegal

The government should improve the statistics on import, export, domestic balance and exchange rate. Otherwise, there is a risk that the illicit transactions of the jewelery industry will be used to finance terrorism. It has been said.



Comments

Popular posts from this blog

Market Special 'Mukurat Trading' on November 1

New Delhi, Oct. 21- The stock exchanges BSE and NSE are going to hold a one-hour special 'Mugurat Trading' on the occasion of Diwali on November 1.   Share market success India's leading stock exchanges Mumbai and National Stock Exchanges have announced that they are going to hold a one-hour special 'Mugurat Trading ' on November 1st on the occasion of Diwali. The trading session will be held from 6 pm to 7 pm, both the markets said separately in their circulars. 'Mugurat' refers to an auspicious period chosen based on planetary positions. Investors consider it the beginning of a new financial year of the Hindu calendar. To mark this, NSC and BSE conduct a special session during Diwali festival. Also, market analysts said that investors are hopeful that the share transactions carried out in this session will bring prosperity throughout the year. This special session will see simultaneous trading in various segments like Equity, Commodity Derivatives, Cu...

How much is the gold mine in China worth

 Beijing: 1 million kilograms of gold particles worth 7 lakh crore rupees have been discovered in the Wangu gold mine in Pingjiang, Hunan province of China. Gold mine china How much is China gold net worth The Geological Survey of Hunan Province, China , our neighbor, discovered a large amount of gold in more than 40 places at a depth of 6,500 feet underground in the Wangu gold mine. It was estimated that up to 300,000 kg of gold could be found here.   Using modern technology, a mine up to 10,000 feet deep has found gold particles larger than expected.   The amount of gold identified here is believed to be over 1 million kg. Its value is estimated to be over 7 lakh crore rupees.   It is said to be the largest gold mine discovered in recent history. Through this, Hunan Province has gained a very important place in the global gold mining market. The 'South Deep' mine in South Africa is estimated to contain 900,000 kg of gold. It has been named the world's largest gold ...