National News
Titan expects to pay more to source gold from bullion banks as supply shrinks
Titan may face higher interest rates for leasing gold as bullion banks redirect supply to the U.S. due to high premiums on gold futures. This shift is causing a supply crunch and fluid interest rates. Titan’s growth outlook is uncertain amid fluctuating gold prices and potential U.S.-China trade tensions, despite strong third-quarter profits.
Indian jeweller Titan will likely have to pay higher interest rates to lease gold from bullion banks, which have increased shipments to the U.S. in search of bigger profits, tightening supply in other regions, the company said on Wednesday.
Jewellers such as Titan, which owns the Tanishq and CaratLane brands, lease gold from bullion banks, which import the metal, to avoid inventory risks due to fluctuation in prices of the yellow metal.
Global bullion banks are flying gold into the U.S. from trading hubs catering to Asian consumers to capitalize on the unusually high premium that U.S. gold futures are enjoying over spot prices, Reuters reported this week.
National News
GJEPC, IndusInd Bank Host Webinar On FEMA Guidelines For GJ Exporters
Webinar Outlined How The Updated Regulatory Framework Enhances Operational Ease While Adjusting Key Trade Timelines.
GJEPC in association with IndusInd Bank, held a joint online webinar aimed at explaining the revised Foreign Exchange Management Act (FEMA) guidelines and their direct operational impact on the gem and jewellery trade.
The interactive session featured key industry figures and financial experts, including Prakash Kumar Rath (Head – Gems, Jewellery and Diamond Division, IndusInd Bank), Mital Doshi (Convenor – Banking, Insurance and Taxation Sub-committee, GJEPC), and Sumit Dolwani (Manager – Trade Policy, GJEPC). Together, they outlined how the updated regulatory framework enhances operational ease while adjusting key trade timelines.
Shorter Export Realisation Periods: Timelines for foreign currency invoices have been adjusted from 12 months down to 9 months, while Rupee invoices have been revised from 15 months down to 12 months.
Greater Flexibility for Extensions: Authorised Dealer (AD) banks can now grant time extensions based on individual transaction circumstances, significantly reducing the requirement for routine Reserve Bank of India (RBI) referrals.
Revised Import Payment Timelines: Import payments will now be governed primarily by commercial contracts, replacing the former rigid six-month and 360-day restrictions.
Greater Discretion on Advance Payments: Banks have been given enhanced flexibility in framing internal policies for advance remittances instead of strictly adhering to fixed monetary thresholds.
Flexibility in Third-Party Payments: Third-party payments are now permitted subject to prescribed regulatory conditions and the satisfaction of the AD bank.
Simplified Handling of Pending Cases: AD banks can directly resolve outstanding EDPMS and IDPMS cases without needing to refer every individual matter to the RBI.
Speakers emphasized that exporters must maintain precise records and complete supporting documentation for all transactions, including those monitored through EDPMS and IDPMS.
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