The government has raised the base import price of gold by $106 to $1,624 per 10 gm, according to a notification issued by the Central Board of Indirect Taxes and Customs late Friday. The base import price of silver has been raised by $50 to $2,707 per kg. The base import prices of both precious metals were last revised on Feb. 3.
The government normally revises base import prices of gold and silver every fortnight, and these are used to calculate the duty on these precious metals that individuals bring into the country. India is one of the world's biggest importers of silver and the largest

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The Reserve Bank of India Friday issued draft amendment directions on lending to Real Estate Investment Trusts and Infrastructure Investment Trusts. It sought comments on the draft by Mar. 6. RBI Governor Sanjay Malhotra had announced the regulator's plans to allow banks to lend to REITs at the outcome of the Monetary Policy Committee meeting on Feb. 6.
The above draft Amendment Directions propose to permit commercial banks to extend finance to REITs, subject to appropriate prudential safeguards including regulatory ceiling for exposure to REITs," the RBI said in the release. The regulator h

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Traditionally seen as a threat to jobs, Artificial Intelligence has the potential to improve the state of employment in India, according to Chief Economic Adviser to the Government V. Anantha Nageswaran. Urgent reforms with holistic effort from the government, academia, and the private sector can help India become "the first large society where human abundance and machine intelligence reinforce, and not undermine, each other", Nageswaran said Monday.
This will not happen by drift; this will require an urgent say. It will require political will, it will require state capacity, and it will req

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Prices of chana and urad are expected to decline in the short term, while prices of tur are likely to be range-bound to weak, the India Pulses and Grains Association said in its weekly report on Monday. Chana and urad prices are weighed down by a rise in arrivals of the new rabi crop amid a slowdown in demand from millers. Tur prices are likely to be under pressure from arrivals, but a steep fall in prices could be prevented due to costlier imports, the association said.
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