National News
GJEPC Engages with Customs to Fast-Track Hand-Carriage Exports from Mumbai Airport
Chairman Kirit Bhansali meets Principal Chief Commissioner Prachi Saroop to advance long-pending trade facilitation for gem and jewellery exports
The Gem & Jewellery Export Promotion Council (GJEPC) convened a strategic meeting with Ms. Prachi Saroop, Principal Chief Commissioner of Customs, on 17th April to discuss the much-anticipated launch of hand-carriage exports for gem and jewellery through Mumbai International Airport.
Mr. Kirit Bhansali, Chairman of GJEPC, warmly welcomed Ms. Saroop and congratulated her on her recent promotion. The meeting also saw the participation of Mr. Anoop Mehta, President of the Bharat Diamond Bourse (BDB), Mr. Mehul Shah, Vice President of BDB, and Mr. Mithlesh Pandey, Director – Membership, GJEPC.
A major highlight of the discussion was the implementation of hand-carriage exports—a long-standing industry request aimed at simplifying and expediting international shipments. Ms. Saroop shared that a mock trial is planned for the third week of April 2025, and assured the industry of the Customs department’s full cooperation for the smooth and timely rollout of the initiative.
National News
SEBI proposes price bands for gold and silver ETFs
The unprecedented volatility in the prices of gold and silver in recent weeks has prompted markets regulator Sebi to have a closer look at the price bands and circuit filters for exchange traded funds (ETFs).
Sebi proposed to put +/-20% price bands on ETFs on two precious metals, gold and silver. Part of the price band could also depend on the volatility in prices of these metals in the international markets, Sebi said. The regulator is also proposing graded price bands for ETFs on debt and equity indices, with a similar +/-20% range.
In the seven-page consultation paper, Sebi proposed an initial price band of +/-6% for gold and silver ETFs, which may be flexed up to +/-20% during the trading day subject to a cooling off period.
After exhausting the initial price band there will be a cooling-off period of 15 minutes, thereafter the price band will be flexed by 3%. In case the price movement in the international markets is more than the aggregate daily price limit (DPL) of 9%, the same may be further relaxed in stages of 3% by the exchange with a cooling-off period of 15 minutes. The single day maximum variation of +/-20% would be applicable
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