Gold rises further: Bullion, IPO & Realty among biggest Black Money generators.
MCX Gold June Futures prices today rose by Rs. 119 to Rs 29,092 & Gold August Futures prices today rose by Rs. 108 to Rs 29,437 per 10 grams. Comex Gold June Futures prices today rose by $7 to $1599 an ounce, the highest since May 10. U.S.$ May Futures were up at 54.82 INR from the previous close of 54.53.
MCX Silver July Futures shot up to Rs. 54805 & Comex Silver traded at $28.855 slightly down from $28.90 seen on Friday last week.
The Finance Minister Pranab Mukherjee has tabled white paper on black money in Parliament today. The 100-page report is detailed and exhaustive but does not contain any names.
According to the report, black money generating sectors are jewellery, IPO, land, real estates, Gold, Silver bullion, public procurements and NGOs. It also states that black money in Swiss accounts has reduced by Rs 14,078 crore between 2006 to2010. “Self regulation by private sector on black money has failed and states should mull tax on farm income to curb black money,” the report said.
Several recent policy decisions by India have caused “significant concern” and “dampened sentiment” about its investment climate, US Ambassador to India Nancy J Powell said today.
“The adoption of manufacturing policies discriminatory to foreign companies and the inclusion of retroactive tax provisions in the Finance Bill are two examples,” Powell said, addressing members of the Indo American Chamber of Commerce (IACC) and American Chamber of Commerce (AMCHAM).
Voicing concern over challenges to trade and investment, she also called for a level playing field forUS companies doing business with India. Powell said she was committed to ensuring that US companies can compete on a level playing field inIndia and operate in the same open and fair environment that Indian firms enjoy in the US.
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