Finance

ATM machine will show no cash display before inserting card

Reserve bank of India is very keen for ATM safety and it takes very good steps for making ATM transactions safe. Now many new features are added for making ATM transactions safely. Now ATM machine will show no cash on the display if there is no cash in the machine. Also a customer can lodge a complaint in the ATM premises itself. Banks will display the toll-free numbers for any complaint or help. Also the time-out time will also displayed on the screen. RBI issued a note no. 289 dated 1 August 2013 about new features of ATM safety. Full note is as under. 
 
ATM transactions – Enhancement of customer service
The Reserve Bank of India has, over a period of time, issued a number of instructions to banks regarding enhancement of customer service as well as handling of customer complaints at ATMs. Despite this, certain operational issues continue to persist giving rise to customer complaints / suggestions on the matter.
2. Based on a review of the developments and with a view to further improve the customer service through enhancement of efficiency in ATM operations, banks are advised to initiate action as below:
 
a.     The message regarding non-availability of cash in ATMs should be displayed before the transaction is initiated by the customer. Banks may exercise option to display such notices either on screen or in some other way.
b.     The ATM ID may be displayed clearly in the ATM premises to enable a customer to quote the same while making a complaint / suggestion.
c.     Reiterating our earlier instructions, issued vide circulars, DPSS.CO.PD.2018/02.10.002/2009-10 dated March 19, 2010; DPSS.CO.PD.2359/02.10.002/2009-10 dated May 3, 2010, DPSS. No. 2753/02.10.02/2009-2010 dated June 15, 2010 and DPSS.CO.PD. No. 52/ 02.10.02/2010-2011 dated July 6, 2010, banks are advised to make available the forms for lodging ATM complaints within the ATM premises and also display the name and phone number of the officials with whom the complaint can be lodged. This will help in avoiding delays in lodging complaints.
d.     Banks may make available sufficient toll-free phone numbers for lodging complaints / reporting and blocking lost cards to avoid delays and also attend the requests on priority. Local helpline numbers (city-wise / centre wise) should also be increased and should be prominently displayed in the ATM premises / banks’ web-site.
e.     Banks may proactively register the mobile numbers / e-mail IDs of their customers for sending alerts and also educate their customers to intimate changes, if any. A time-bound programme for updation of mobile number and or e-mail of all existing accounts may be drawn up. These details should be updated periodically along with KYC details.
f.      To prevent fraudulent withdrawal at ATMs, RBI had mandated requirement of PIN entry for each and every transaction, including balance enquiry transactions. Banks already have in place time limits for completion of transactions at ATMs. However, as an additional safety measure, it is advised that the time out sessions should be enabled for all screens / stages of ATM transaction keeping in view the time required for such functions in normal course. Bank may ensure that no time extensions are allowed beyond a reasonable limit at any stage of the transaction.

g.    Creating awareness about electronic banking products is of utmost importance to prevent frauds taking place in this field and also to make customers aware of their rights and responsibilities. In view of changes taking place in this field, banks, in collaboration with Indian Banks’ Association, may run advertisement campaign in both, print and electronic media at regular intervals.

Be the first to comment - What do you think?  Posted by admin - August 2, 2013 at 2:11 pm

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MOSt 20:20 Weekly Research Reports

( 25/07/2013 to 31/07/2013 )  
   
  ECOSCOPE: RBI leaves key rates and CRR unchanged Guidance for calibrated exit to liquidity tightening; efficacy of measures in doubt  
  31 July 2013  
   
  METALS WEEKLY: Domestic steel market continue to remain weak  
  30 July 2013  
   
  Sesa Goa: SESA IN, Mkt Cap USD1.8b, CMP INR126  
  31 July 2013  
  Persistent Systems: PSYS IN, Mkt Cap USD0.4b, CMP INR525  
  31 July 2013  
  Bank of India: BOI IN, Mkt Cap USD1.8b, CMP INR183  
  31 July 2013  
  Dish TV: DITV IN, Mkt Cap USD0.9b, CMP INR53  
  30 July 2013  
  Madras Cements: MC IN, Mkt Cap USD0.7b, CMP INR175  
  30 July 2013  
  Zee Entertainment: Z IN, Mkt Cap USD4.0b, CMP INR252  
  29 July 2013  
  Shriram Transport: SHTF IN, Mkt Cap USD2.6b, CMP INR678  
  26 July 2013  
  Yes Bank: YES IN, Mkt Cap USD2.3b, CMP INR383  
  26 July 2013  
 
BUY SELL NEUTRAL

Be the first to comment - What do you think?  Posted by admin - July 31, 2013 at 7:02 pm

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Income Tax Deptt. Sends Letters to Another Batch of 35,000 Non-Filers Tax Payers

Income Tax Deptt. Sends Letters to Another Batch of 35,000 Non-Filers Tax Payers
 
Income Tax Deptt. Sends Letters to Another Batch of 35,000 Non-Filers Tax Payers again urged to disclose their true Income and Pay Due Taxes
 
As part of its ongoing initiative, the Income Tax Department has, on 22nd July, 2013 sent letters to another batch of 35,000 non filers. These persons were part of the around 12 lakh non-filers identified as a result of data matching exercise. With this latest batch, the Department has now issued letters in 2,10,000 high priority cases.
 
The response to this initiative has been very encouraging and a large number of tax payers have paid taxes and filed Income Tax Returns. A compliance management cell has been set up to monitor return filing and tax payment of the target segment. This information is now being made available to the jurisdictional assessing authorities through the online monitoring system for verification and issue of notices in relevant cases.
Government would once again urge all tax payers to disclose their true income and pay appropriate taxes.

Be the first to comment - What do you think?  Posted by admin - July 28, 2013 at 5:25 pm

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Reporting your foreign income & assets

Indian revenue authorities are creating mechanisms to track income from different sources, including those outside India

The July 31 deadline for individual income tax return filing is knocking on our doors. As the deadline approaches, individuals rush to get the last pieces of the puzzle in place.

Governments the world over are trying to build more transparent taxation systems and curb corruption. Indian revenue authorities are also creating mechanisms to track income from different sources, including those outside India. The Income Tax Act, 1961, already provides that an individual who qualifies as Resident and Ordinarily Resident (ROR) in India would be taxable on his worldwide income. The authorities have modified the manner and detail in which such income has to be reported in the income tax return (ITR) forms used for filing returns. A new schedule called FSI has been introduced in the relevant ITR forms, where an individual is required to report income earned abroad separately.

Further, an individual is also required to show the break-up of such income from abroad under the heads of ‘income from salary’, ‘income from house property’, ‘capital gains income’, ‘business income’ and ‘other sources income’. This income also needs to be bifurcated into the foreign income to which provisions of a tax treaty apply. A Tax Identification Number (TIN) where the tax has been paid in a foreign country should also be provided. The passport number of the payer is to be mentioned if a TIN has not been allotted in that foreign country.

Further, an individual who qualifies as ROR and has foreign assets is required to furnish the latter in the relevant ITR form; he cannot file in ITR-1. Foreign assets include foreign bank accounts, immovable property, financial interest in any entity and other assets held for investment purposes. The foreign bank account number and peak balance also need to be mentioned. Details of any foreign trusts of which an individual is a trustee are also to be reported. Additionally, an individual (qualifying as a resident) who holds assets abroad is also required to file his I-T return even if he does not have any income in India.

Such disclosure requirements are in line with the government’s aim of unearthing unaccounted assets/wealth held by Indian residents abroad and to contain corruption. In many countries, such as the US and Japan, reporting of foreign assets has been mandatory for many years. In sum, an individual needs to diligently file his return to comply with the changed reporting requirements for income earned and assets held abroad.  Source – BS

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After investments, pay attention to your paper work also

After investments, pay attention to your paper work also
 
Several investors associate financial planning only with asset allocation and investment management. They completely exclude procedural and service aspects. Many believe that as long as they have chosen the right products with the help of their advisers, they will do well.
However, they forget that attention must be paid to paperwork and procedure as well to ensure that the investments are secure, cared for and, more importantly, easy to track and record. Very few investors maintain their own records because, typically, they deal with multiple advisers and, hence, their holdings remain scattered. Let us consider five key procedural elements that can impact an investor’s risk and return significantly.
First, most investors don’t like to read bulky documents that they are offered at the time of investing. The same is true for application forms, legal documents of engagement or forms for opening accounts. They simply sign the documents as instructed.
While these may have a lot of legal and standard terms that cannot be comprehended by investors, signing a blank document is risky. Several people also think that filling up the form is the adviser’s job. However, one should insist on seeing the filled document before signing it. Ensure that key details, such as your name, address and PAN, are written and correctly and legible.
Note that spaces for joint holders are correctly filled, or if not used, struck off. Signing incomplete documents is a high operational risk and must be avoided at all costs.
Second, many investors do not pay attention to the mode of operation in an application form. If this is not mentioned in a joint application for bank accounts, demat account, shares, bonds or mutual funds the account will be marked as ‘joint’ by default and every transaction will need the signatures of all holders.
You must make sure this is indeed the intention. If an account is to be operated on ‘either or survivor’ basis, it is important to ensure that the joint holder details are filled up and the first holder’s address is correctly provided so that the transactions are notified to the first holder. If multiple accounts across investments are held in various combinations, it makes monitoring the investments cumbersome, apart from creating tax issues.
While joint holding by husband and wife is common and useful, make sure that the funding is from the first holder’s taxable income. Also ascertain that joint loans include documentation which indicates how the responsibility has been divided between the joint holders.
Third, multiple, fragmented holdings across various bank accounts, mutual fund folios, demat accounts and trading accounts make it difficult to have a consolidated view of your investments’ performance. Accounts and folios that are inactive are also prone to fraudulent transactions.
You should close inoperative accounts, merge multiple folios and take the help of your adviser to consolidate your holdings. This will make it easier to see how the performance of a single investment is impacting the entire portfolio. Your joy of a 200% return on one of your picks will be short lived if you see that it is a mere 2% of your overall portfolio.
Fourth, confirm that the details of the people you have included as beneficiaries in your investments are updated. For instance, investments made before your marriage may not include your spouse as a beneficiary; the ones made in the names of your minor children will become inoperative when they turn 18; investments and loans made or taken jointly will need modification after a divorce; nominations in favour of a person who expires would become invalid. Modify these details in your holdings as and when required so that there is no panic when the account has to be accessed.
Fifth, remember to plan for the worst when it comes to your wealth. Ensure you have completed the nomination formalities and have ascertained that nothing is held in a single name with no nomination. Make sure you have records of loans taken against your investment and have insured liabilities such as home loans.
Make it easy for your immediate family members to realise the value of your investments, if they need these for an emergency like your being incapacitated, or access your wealth when you are no more. Guarantee that investments are listed and recorded, and that locker keys, passwords and PINs are accessible in an emergency. Making a will is a much recommended practice.

Take your advisers’ help to complete time-consuming paperwork. A smart adviser understands that helping you consolidate your records could be an opportunity to manage a larger chunk of your wealth. He also knows that adding value where you need it most might help him win your trust. If you want your investment decisions to work, ensure that your paperwork is in order.Soruce ET

Be the first to comment - What do you think?  Posted by admin - July 23, 2013 at 7:41 pm

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Tax on Cash Purcahse of Gold Coins

Tax on Cash Purcahse of Gold Coins
Very often unaccounted money in the form of cash chases the precious yellow metal and finds refuge. The recent sharp descending move in gold , as many of you may be aware may have encouraged many to binge into such transactions while buying gold. But now with a clarification issued to the changes made to the Finance Bill 2013, the Government intends to bring such cash transactions under the tax net, by enforcing a Tax Collection at Source (TCS) on sale of jewellery as well as bullion in cash, with effect from June 01, 2013.

It is noteworthy that as per the existing provisions, coins or any other articles weighing 10 grams or less are excluded. But now with effect from June 01, 2013, sale of bullion (viz. coins or any other articles) in cash in excess of Rs 2 lakh shall be subject to TCS at the rate of 1.0%. Likewise on sale of jewellery in cash in excess of Rs 5 lakh would be subject to 1.0% TCS. At present the Bill has been moved by the Lok Sabha, and now will go the upper house of the Parliament – the Rajya Sabha for approval before being signed by the President into law.

We are of the view that  the aforesaid proposal in the Finance Act 2013 has brought to put a vigil on unaccounted money put into gold, with India’s insatiable appetite and flair to own the same, for both emotional and financial reasons. The withdrawal of exclusion for gold coins or other articles weighing 10 grams or less would bring more people under  the tax net as many have preferred to invest in gold via coins or any other articles. It should be noted that this not a new levy, but a modification to the existing tax provision. The  unaccounted money also goes into real estate dealings, and hence the Government should keep a vigil on such transactions and impose a levy which can in turn add-up to the kitty of the exchequer.

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No wealth tax on agriculture land

No wealth tax on agriculture land
Finance bill 2013-14 has passed in Lok Sabha on Tuesday 30 April 2013 and there are some amendments in the rules of taxation. The new amendment rules are as under. In this contrast, Finance bill explain that no wealth tax will be levy on agriculture land. New and old rules are as follows.

Old rule

 
The urban land is not chargeable to wealth-tax if it is a land:

(1)   On which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated; or

(2)  occupied by any building which has been constructed with the approval of the appropriate authority; or

(3)  being an unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him; or

(4)  held by the assessee as stock-in-trade for a period of 10 years from the date of its acquisition by him.

New rule

Land classified as agricultural land in the records of the Government and used for agricultural purposes, will not be treated as an ‘asset’ under Section 2(ea) with retrospective effect from the AY 1993-94. Consequently, such land will not be chargeable to wealth-tax, even if such land is situated in an urban area.
As per the amended provision, following lands will not be chargeable to wealth-tax:

(1) Land classified as agricultural land in the records of the Government and used for agricultural purposes; or

(2) Land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated; or

(3) Land occupied by any building which has been constructed with the approval of the appropriate authority; or

(4) An unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him; or

(5) Land held by the assessee as stock-in-trade for a period of 10 years from the date of its acquisition by him.

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Levy Cheque return charges only if customer is at fault

Levy Cheque return charges only if customer is at fault
RBI/2012-13/493
DPSS.CO.CHD.No. 2030/03.06.01/2012-2013
May 7, 2013
The Chairman and Managing Director /Chief Executive Officer
All Scheduled Commercial Banksincluding RRBs /Local Area Banks
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks
Madam / Dear Sir,
Delay in re-presentation of technical return cheques and levy of charges for such returns
 
As you are aware, banks are expected to indicate the timeline for realisation of local/outstation cheques in their Cheque Collection policy(CCP) and charges for cheque returns to be levied in an upfront manner with due prior notice to the customers as enumerated in RBI circulars no. DPSS.CO. (CHD) No. 873 / 03.09.01 / 2008-09 dated November 24, 2008 and DBOD.No.Dir.BC. 56 /13.03.00/2006-2007 dated February 2, 2007 respectively.
 
2. However, recently, instances have been brought to our notice where banks are (i) levying cheque return charges even in cases where customers have not been at fault in the return and (ii) delaying the re-presentation of the cheques which had been returned by the paying banksunder technical reasons. Both of these issues result in unsatisfactory customer service.
3. It is, therefore, considered necessary to streamline the procedure followed by all banks in this regard. Accordingly, banks are advised to adhere to the following instructions with immediate effect:
1.    Cheque return charges shall be levied only in cases where the customer is at fault and is responsible for such returns. The illustrative,but not exhaustive, list of returns, where the customers are not at fault are indicated in the annex.
2.    Cheques that need to be re-presented without any recourse to the payee, shall be made in the immediate next presentation clearing not later than 24 hours(excluding holidays) with due notification to the customers of such re-presentation through SMS alert, email etc.
4. Banks are accordingly advised to reframe their CCPs to include the procedures indicated in paragraph 3(i) and 3(ii) above, and may note to give publicity to their revised CCPs for better customer service and dissemination of information.
5. The above instructions are issued under Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
6. Please acknowledge receipt and confirm compliance.
Yours faithfully,
(Vijay Chugh)
Chief General Manager

Annex
Illustrative but not exhaustive list of objections where customers are not at fault
(Applicable for Instrument and Image-based Cheque Clearing as detailed in Annexure D to Uniform Regulations and Rules for Bankers’ Clearing Houses)
Code No.
Reason for Return
33
Instrument mutilated; requires bank’s guarantee
35
Clearing House stamp / date required
36
Wrongly delivered / not drawn on us
37
Present in proper zone
38
Instrument contains extraneous matter
39
Image not clear; present again with paper
40
Present with document
41
Item listed twice
42
Paper not received
60
Crossed to two banks
61
Crossing stamp not cancelled
62
Clearing stamp not cancelled
63
Instrument specially crossed to another bank
67
Payee’s endorsement irregular / requires collecting bank’s confirmation
68
Endorsement by mark / thumb impression requires attestation by Magistrate with seal
70
Advice not received
71
Amount / Name differs on advice
72
Drawee bank’s fund with sponsor bank insufficient(applicable to sub-members)
73
Payee’s separate discharge to bank required
74
Not payable till 1stproximo
75
Pay order requires counter signature
76
Required information not legible / correct
80
Bank’s certificate ambiguous / incomplete / required
81
Draft lost by issuing office; confirmation required from issuing office
82
Bank / Branch blocked
83
Digital Certificate validation failure
84
Other reasons-connectivity failure
87
‘Payee’s a/c Credited’ – Stamp required
92
Bank excluded
 
 

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Starting early the best gift for your child

Starting early the best gift for your child
 
Three years ago, when their daughter Anushree was born, Yogita and Pawan Rathi were overwhelmed with joy. Coming from an upper middleclass family, they wanted to give the very best they could for their daughter.
Pawan wanted to plan and start early to ensure that he had a huge corpus for his daughter’s education and marriage. When his financial planner told him that he would need to save a corpus of at least Rs 60 lakh to meet higher education needs, he could only stare at him in disbelief.
However, it is the bitter truth. If you account for inflation, the realistic figure may be further beyond reach.
The idea behind this planning for the child’s future is to invest money in such a way — to get optimal returns and ensure that the child gets the money no matter what the circumstances. So, how do you go about achieving these objectives?
“With changing lifestyles, parents want to give the best to their child,” says Anup Bhaiya, MD and CEO, Money Honey Financial Services. So, you may want to enrol your child for a skating or a badminton or a swimming class. In addition, s/he may want to learn the guitar or the violin. All these involve expenses which need to be provided for. Inflation is another monster which you have to deal with as it reduces your purchasing power. What you get for a rupee today, may cost you more tomorrow because of inflation. So due to rising inflation and the higher cost of living, these expenses are expected to keep rising.
The first goal is to get the child admitted to a school, followed by paying his or her school tuition fees and extracurricular activities. How-ever, the major expenses come later in life when the child starts planning for a professional course like engineering or medicine.
“Expenses like regular education, tuition and coaching classes should be taken care of by your regular income. You should plan for goals like higher education, education abroad and marriage,” says Vinay Taluja, executive vicepresident and product head-life insurance, Bajaj Capital.
At today’s costs, you may have to cough up anywhere from Rs 5 lakh-25 lakh for an engineering or medicine course, depending on the college your child wishes to apply for. In case you plan a foreign education for your child, it could cost you around Rs 20-30 lakh.
A wedding in a city like Mumbai could put you back by a minimum of . 10 lakh. With inflation, this amount is only expected to increase in the future. With the rising cost of education, it will be wise to assume an 8-10% inflation in the fees per annum. “While planning for the future, you have to take inflation into consideration which could be anywhere between 5-15 %,” says Ranjit Dani, a certified financial planner.
Start Early:
The earlier you start the better it is, since you have more time on your hand. Secondly, it gives you more time to alter the portfolio or make changes, if the need be. Take the case of a couple who started investing when the age of their child was five and another couple who began investing as soon as their child was just born.
Assuming that both the children start their respective higher education at the age of 20, the first couple will have 15 years to reach their goal, while the second will have 20 years. A sum Rs 10,000 per month invested for 15 years, with a return of 12% per annum, will translate into Rs 50.46 lakh, while Rs 10,000 invested every month for 20 years at the same rate will grow to Rs 99.91 lakh. So, first things first — do not waste time.
Like any other type of financial planning even when you make a plan for your child, you must set a goal for yourself. You need to decide what you intend to plan for your child. Would you want him to become an engineer or a doctor? How many years are there for you before your child’s education starts? Will s/he pursue the education in India or abroad? Since investment for education is time-bound , you would need those funds during a specific year. So, keep that in mind and act accordingly.
Investment Solutions:
As is the case with financial planning, where every individual has a different objective and different solution, so is the case with the education of your children. If you are well-off and already have the resources with you, then capital will be your most important goal. However, if you pay an EMI for your house and simultaneously want to plan for your children’s higher education, you will have to go for a different set of products.
There are various products amongst equity, debt and insurance which you can use to meet your end objectives. The choice also depends on your risktaking ability. Since in most cases, you are building a corpus which you re-quire after a period of 15-20 years, experts advise equity investments through the systematic investment plan (SIP) route. Investments in SIPs can be done through your regular cash flows which come in through your salary or business income.
“Many times in case of HNIs, they already have a corpus in place. In such a case, one is not chasing growth, and hence one could use debt to meet those objectives,” says AV Srikanth, executive director, Anand Rathi Wealth Managers. Insurance is advised by planners to take care of any unwanted event were it to come up.
“If something happens to the parent, then insurance will come in handy, and will assure that the child’s needs are met,” says Taluja. “If you start early, we recommend a simple term and SIPs through equity mutual funds,” says Dani. For example, if the current cost of a medical course is Rs 15 lakh and you have 16 years to achieve that goal, then assuming an inflation of 9% per annum you will need Rs 59.55 lakh, 16 years from now. You can achieve that tar-get by investing Rs 10,000 every month. Assuming a 12% return per annum from equities, you can reach that target in 16 years.
“For your child, you can invest in a money-back policy. For investors, it keeps things simple and ensures that you get the specified amount when the milestone is reached, which ensures peace of mind,” says Bhaiya. He also recommends investment in children’s schemes floated by mutual funds. Here, the child can withdraw the amount when he is an adult. “I recommend a child Ulip with a waiver of premium benefit. This ensures continuity of investment even if the parent is not around,” adds Taluja.
In the end, like any other plan, you need to review your child’s plan at regular intervals. This will ensure that the direction is right and the goal can be achieved.
So it’s about time that you go ahead and plan for your child’s future. This is the best gift you can give her or him.
Source: economic times

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Inflation Indexed Bonds will be open for investment

Inflation Indexed Bonds will be open for investment from 4th June 
 

The first tranche of the IIBs-2013-14 for Rs1,000-Rs2,000 crore will be issued on 4th June, and the maturity period of these bonds will be 10 years

The Reserve Bank of India (RBI) today announced it will launch inflation-linked bonds every month, starting 4th June, to attract household savings of up to Rs 15,000 crore this fiscal so as to discourage investments in gold.

“RBI, in consultation with the Government of India, has decided to launch Inflation indexed Bonds (IIBs),” the central bank said in statement.

The first tranche of the IIBs-2013-14 for Rs1,000-Rs2,000 crore will be issued on 4th June, it said, adding that the maturity period of these bonds will be 10 years. The total issue size will be Rs12,000-Rs15,000 crore in 2013-14.

After the first tranche, bonds will be issued on last Tuesday of every month.

While the first series of the bonds will be open for all class of investors, the second series issue—beginning October—will be reserved exclusively for retail investors.

RBI said the bonds are pursuant to the Budget proposal to “introduce instruments that will protect savings of poor and middle classes from inflation and incentives household sector to save in financial instruments rather than buy gold”.

Both the government as well as the RBI are concerned over the rising gold imports as its putting pressure on current account deficit (CAD), which widened to historic high of 6.7% in third quarter of 2012-13.

Gold and silver imports last month shot up 138%, year-on-year, to $7.5 billion.

Announcement of the bonds to discourage investments in gold is the second major move by RBI in the last three days. On Monday, it had placed restrictions on banks to import gold.

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