India’s equity market has outperformed major equity markets in 2021, triggered by signs of economic recovery and an accommodative monetary policy from the Reserve Bank of India (RBI).
Retail demand strengthened in the month with festival and wedding purchases. Official imports were flat m-o-m as stocks remained ample and the average local market premium traded at flat
At the last monetary policy meeting held in October, the Reserve Bank of India (RBI) maintained its accommodative stance and kept its policy repo rate unchanged at 4%
Retail demand was mixed in June: moderate strength in the first half of the month was followed by a softening of demand in the second half due to an absence of wedding dates. Official imports rebounded with easing of lockdown restrictions and the local market flipped back to discount as demand softened from mid-July onwards
To widen the tax revenue the Finance Minister, Nirmala Sitharaman, announced during the annual budget of 2020-21 an extension to the scope of Tax Collected at Source (TCS). This blog discusses the impact of TCS on bullion dealers and the resultant impact on other participants in the gold supply chain.
