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@MiningBookGuy Money-Laundering Networks Thrive Amid India’s Cash-Ban Chaos https://www.bloomberg.com/news/articles/2016-12-04/money-laundering-networks-thrive-amid-india-s-cash-ban-chaos #India #CashCrisis #BlackMoney #mbgtrends Partial Quotes: "While the government has been working to close loopholes -- which Prime Minister Narendra Modi decried as people’s "illegal means to save their ill-gotten wealth" in a radio address last week -- new ones are opening even faster. So far, the policy aimed at reducing the scale of the black economy and bringing more people into the tax net is, in the short term, leading to just the reverse: money-laundering, tax-avoidance, and new opportunities for existing organized crime, the evolution of the long-standing hawala money-transfer system, and the start of new illicit networks." ... "Individuals are transporting millions of rupees on trains or vehicles, and the big money-laundering networks have been chartering flights to transport crateloads of cash to India’s northeast from small airfields, the lawyer said."
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@Oliver "..While paper gold traders can't seem to dump the precious metal fast enough, physical gold demand is soaring around the world. #India retail premiums are spiking (amid demonetization), local #China premiums soar to a 3-year-high (as capital controls loom), and coin sales from the US Mint have risen for the 4th straight month, accelerating post-election to the highest since July 2015 since Trump's victory at the election.." $GLD #gold #physical
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@newstracker "Corruption, fraud and illegal mining are persistent problems for the mining industry in Indian states such as Goa, Karnataka and Andhra Pradesh. While policing and government reforms can help to tackle these issues, the industry is increasingly turning to sophisticated sensor-based tracking systems to improve transparency in the management and transport of mining commodities." http://www.mining-technology.com/features/featuretackling-mining-corruption-with-tech-in-india-4939202/ #India #Corruption
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@Mesro Family’s $29 Billion Fortune Claim Denied Amid India’s Tax Hunt https://www.bloomberg.com/news/articles/2016-12-04/family-reveals-29-billion-fortune-as-india-hunts-tax-evaders #india
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@Excelsior INTERVIEW: Jayant Bhandari on #India, #Chaos, and #Gold Restrictions Proven and Probable | Dec. 6, 2016, http://www.mining.com/web/interview-jayant-bandar-on-india-chaos-and-gold-restrictions/
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@newstracker The Indian Department of Atomic Energy is likely to begin exploration for #uranium deposits in Amrabad tiger reserve following an approval of a exploration proposal by the State Board for Wildlife here on Tuesday. http://timesofindia.indiatimes.com/city/hyderabad/Uranium-mining-gets-nod-in-Amrabad-tiger-reserve/articleshow/55846278.cms #India
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@KP138 Interesting article regarding how silver could potentially spike due to Indian demand #silver #mbgtrends #india #gold http://www.nasdaq.com/article/silver-will-skyrocket-if-it-becomes-indias-new-metal-of-choice-cm718142#/ixzz4SBpkRTfi
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@newstracker #India on Thursday scrapped its 10 percent import duty on #wheat after droughts in the past two years depleted stocks and raised prices, a move that traders said could lift overseas purchases to their highest in a decade. http://in.reuters.com/article/india-wheat-import-duty-idINKBN13X0GG
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@Newton H/t @newstracker for that #wheat #agricultural #trade news from #india https://ceo.ca/index?ad8bebf1c88d I like that news and would point out $inp again there. #canola isn't wheat, but grains generally have pretty large correlations.
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@hunter also- H/T @Newstracker - Seems that all the grains are well positioned for a rally- record soybean imports in #China, http://www.reuters.com/article/us-china-economy-trade-commodities-idUSKBN13X0KZ #China #India on Thursday scrapped its 10 percent import duty on #wheat after droughts in the past two years depleted stocks and raised prices, a move that traders said could lift overseas purchases to their highest in a decade. http://in.reuters.com/article/india-wheat-import-duty-idINKBN13X0GG iPath Bloomberg Grains Subindex Total Return ETN JJG $JJG grains commodity ETN has wheat, corn and soybeans. Might be worth a look. also $DBA $CORN $WEAT
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@newstracker Axis Bank, India's top gold importer, suspends bullion dealers accounts. http://in.mobile.reuters.com/article/idINKBN141106 #India #gold
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@Nick http://trib.al/ikWGuPX Australian government floats $100 note removal Liberal Democratic Senator David Leyonhjelm hit out at the proposal, saying “the only people who are distressed by the cash economy are the government and the public servants who want to spend taxes”. “But with my libertarian hat on, I think the solution is to lower taxes so the incentives to avoid paying taxes are lower.” #mbgtrends #cash #gold #india #australia
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@newstracker Child rights activists say "demonetisation" drive has a silver-lining: it has stemmed the steady stream of children trafficked here to stitch shoes. http://in.reuters.com/article/india-trafficking-demonetisation-idINKBN1451VT? #India
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@MiningBookGuy Cash chaos in Venezuela after banknote withdrawn http://www.aljazeera.com/news/2016/12/cash-chaos-venezuela-banknote-withdrawn-161216132241925.html #Venezuela #CashCrisis #Inflation #mbgtrends The ~2 minute clip was useful. Things do NOT look as chaotic as #india (though it's surely worse). Lots of similarities with the ATM fiascos. And people stealing the industrial metals in the middle of the video, an important #signal for this type of #inflation anywhere in the world, useful to see this.
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@MiningBookGuy @anonymous - thanks for your thoughts here. great point about people stealing metal a few years ago...i remember a few of those stories as well. i feel bad about all catastrophes...but especially the 'man-made' ones, where we know for sure they did NOT have to happen this way. unfortunately, #venezuela is the best current example of this, and i am concerned #india is one that is starting to go down that path now...other countries as well that are less well-known/reported, and surely more to follow.
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@newstracker #Gold imports into India fell 30.5 per cent to USD 15.74 billion in April-November. For the previous period of 2015-2016 imports were $22.64 Billion. http://economictimes.indiatimes.com/markets/commodities/news/gold-imports-shrink-30-5-to-usd-15-7-bn-in-apr-nov/articleshow/56065967.cms #Gold #India
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@newstracker India imposes new rules on cash deposits. Customers must be questioned by bank officials when depositing $75 or more. https://www.ft.com/content/a83e19a0-c5c5-11e6-8f29-9445cac8966f #india
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@racker NoBroker raises $7M more to connect home owners with buyers and renters directly https://techcrunch.com/2016/12/18/nobroker-raises-7-million-more/ love the name! #realestate #fintech #india #brokers
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@newstracker Commodities outpaced Indian equities in 2016, as crude oil, precious metals, base metals and agricultural commodities delivered over 20 per cent return on an average against tepid gains in Indian domestic equity indices. http://economictimes.indiatimes.com/markets/commodities/news/not-gold-or-silver-look-which-commodities-beat-equity-in-2016/articleshow/56077498.cms #india
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@newstracker A Forbes report authored by a former McKinsey consultant says that the UK's GDP in 2016 was £1.87 trillion, which, given the 20 per cent decline in the value of the pound over the course of 2016, translated to $2.29 trillion. The report cites India’s 2016 GDP as being Rs. 153 trillion, which converts to $2.30 trillion at an exchange rate of Rs. 66.6 per dollar. According to Indian newspaper the Hindu, this claim is false after they conducted an analysis on data from the IMF, Government of India and currency data from the central bank. http://www.thehindu.com/business/Economy/Reality-check-Indian-economy-is-not-larger-than-that-of-the-UK/article16925514.ece? #India
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@newstracker Indian shares fell for a seventh consecutive session on Thursday, their longest losing streak in one-and-a-half years, as blue chips such as State Bank of India and Infosys Ltd continued to be hit by foreign selling. #India http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN14B0KX?
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@newstracker India criticised Moody's ratings methods and pushed aggressively for an upgrade, documents reviewed by Reuters show, but the U.S.-based agency declined to budge citing concerns over the country's debt levels and fragile banks. http://in.reuters.com/article/india-ratings-moody-s-idINKBN14B26X #India
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@newstracker Controversies in the Indian business world in 2016: http://www.thehindu.com/business/article16944909.ece?homepage=true #india
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@newstracker Prem Watsa's Fairfax Financial $FFE has secured regulatory approval to acquire 51% of Catholic Syrian Bank in India. This marks the first time that India's central bank is allowing a foreign investor to buy a majority stake in a domestic lender. http://business.financialpost.com/news/fp-street/fairfax-financial-first-to-win-approval-to-buy-majority-stake-in-indian-bank #India
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@Goldfinger "Modi abolished 500 and 1,000 rupee bills on Nov. 8, taking out 86 percent of cash in circulation, in a bid to fight corruption, end terror financing and turn India into a cashless society." http://www.reuters.com/article/us-india-modi-corruption-election-idUSKBN14J0Q6 Result is a bank run $India
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@newswire Encanto Potash Enters Into Memorandum of Agreement With India's National Federation of Farmers' Cooperative for 100 Million Tonne 20 Year Offtake Agreement @newswire/encanto-potash-enters-into-memorandum-of-agreement $ENCTF $EPO The terms of the offtake agreement provides for a minimum supply of 5 million tonnes per year for a minimum 20 year term, pending final negotiations related to the offtake agreement. #India #potash
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@nlepan After India’s government took 86% of currency out of circulation a couple of months ago, its main policy think-tank has a new plan for the country: rendering plastic money “irrelevant” by 2020. The think thank proposes to leap over credit and debit cards and go straight into mobile payments. http://blogs.wsj.com/indiarealtime/2017/01/09/will-india-get-rid-of-plastic-money-by-2020/? #tech #demonetization #india
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@nlepan India’s gasoline consumption continues to grow rapidly as an increasing number of individuals purchase their first motorized vehicle, helping drive the fastest growth in fuel demand in the world. India's gasoline consumption has increased more than 12 per cent in 2016 compared to 2015. Consumption is being driven by an enormous increase in the number of drivers on the country’s roads for the first time. http://www.reuters.com/article/us-india-gasoline-kemp-idUSKBN14U1Y8 #energy #India
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@nlepan Demonetization in India has put a kink in production at the diamond cutting and polishing hub of Surat which has resulted in a price increase over the past month of 2% to 3%. Rising prices have helped exporters which has offset some the adverse effects of the removal of paper currency. Diamond mining companies such as De Beers, ALROSA, Rio Tinto and Dominion Diamond have also not forced Indian processors to lift higher volumes of diamonds. http://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/note-ban-takes-the-sheen-off-diamond-industry/articleshow/56513241.cms? #diamonds #India
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@nicholaslepan The IMF now expects India to record a growth of 6.6 percent for the current year, and 7.2 percent next year. Earlier, IMF had projected 7.6 percent this year and next year. http://www.thehindu.com/business/Economy/Demonetisation-has-hit-Indian-economy-IMF/article17045995.ece #India
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@nicholaslepan The Reserve Bank of India has injected 9.2 trillion rupees ($135.21 billion) worth of new currency notes into the banking system to help replace the notes banned in November, a parliamentary panel member quoted central bank governor Urjit Patel as saying on Wednesday. http://www.reuters.com/article/us-india-modi-demonetization-panel-idUSKBN1521D0?il=0 #india
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@nicholaslepan The government of Telangana, a state born of the 2014 secession from Andhra Pradesh after its residents accused the government of systematic neglect, is doing something unprecedented in India: bringing broadband internet to every rural home in the region, some 23 million people in all. https://www.wired.com/2017/01/telangana-fiber-internet-india/? #India #tech
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@nicholaslepan The search for #gold is set to resume in the Indian province of Andhra Pradesh with one of the private firms, which got licence for prospecting studies, submitting its proposals to the ministry of environment, forests and climate change seeking forest clearance.The new search for gold is likely to give motivation to the government's plans to set up a gold refinery in Krishna district. The Indian Bureau of Mines has estimated that Andhra Pradesh has a potential gold ore of 1.22 crore tonnes. Earlier estimates had put the reserves at about 68 lakh tonnes of gold ore. http://timesofindia.indiatimes.com/city/hyderabad/after-a-decade-golden-era-back-in-andhra-pradesh/articleshow/56697664.cms? #India
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@nicholaslepan An initial public offering of shares in Indian stock exchange BSE Ltd to raise up to 12.43 billion rupees ($182.42 million) was fully subscribed on the second day of the sale, stock exchange data showed. More than 250 shareholders, led by Singapore Exchange Ltd, were selling up to 15.4 million shares in Asia's oldest stock exchange at a price range of 805 rupees to 806 rupees per share. http://in.reuters.com/article/india-bse-ipo-idINKBN1580QH? #exchanges #India
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news_bot India's minuscule #gold mining industry http://www.mining.com/indias-minuscule-gold-mining-industry/ #mining #India There is only one single gold mine. The Hutti Gold Mine in the southwestern state of Karnataka is an historic mine (production started in 1902) and located in the same greenstone belt as Kolar. Hutti produced some 45,000 ounces in 2015 and even after adding gold produced as a byproduct of copper mining on the subcontinent, India's gold output is little more than 60,000 ounces.  In February 2016, London-listed Vedanta resources became the first private company to successfully bid for a gold mine in India $VED.L
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anonymous A Conversation with Jayant Bhandari – Commentary on India’s Currency Ban, by @Leni @Leni/a-conversation-with-jayant-bhandari-commentary-on-indias-currency-ban #India
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@nicholaslepan #India will launch its biggest aero geophysical survey of minerals next month to unearth deep-seated resources such as gold and copper, as it seeks to develop its mining industry and reduce its dependence on imports. http://in.mobile.reuters.com/article/idINKBN15E1VT #mining
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@hunter #PiercePoints http://tinyurl.com/zbnd6lr Current reversal in dore gold buying in India due to import taxation issues has caused India’s gold refiners to fall to 25% of capacity - 75% of refining output idle. Ramifications to miners supplying the dore - Ghana, DR and Peru most affected. #gold #India
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@nicholaslepan #India looks at creating oil giant to take on global rivals. http://www.reuters.com/article/us-india-budget-energy-idUSKBN15G42M #energy
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@nicholaslepan Indian Department of Atomic Energy seeks nod for 12 more atomic power projects http://ecoti.in/F-TlIZ #nuclear #India
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@nicholaslepan Tesla may launch in India this summer: Musk #India $TSLA http://www.reuters.com/article/us-tesla-india-idUSKBN15N1EZ?
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@nicholaslepan The Indian government has launch a mobile application to ensure transparent the award of statutory clearances for mining operations. The government is seeking to double mining's contribution to GDP. The government has prepared an ambitious plan to put 280 mines for bidding. #mining #india http://www.dnaindia.com/money/report-govt-unveils-tamra-portal-for-transparent-mining-clearance-2324126
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@nicholaslepan #India has extended anti-dumping duty on some steel products from China by five years, in a bid to retain protectionist barriers and stem the tide of cheap foreign products. Between April and January, India's steel imports fell 37.8 percent year-on-year, data from a government body showed, primarily due to the slew of protectionist steps announced by the government. #china http://in.reuters.com/article/india-steel-antidumping-idINKBN15Z1CK? Chinese #steel rebar 25mm US$555.5/t vs US$538.2/t #Iron ore 62% Fe spot (cfr Tianjin) US$87.5/t vs US$87.1/t Premium hard coking #coal Aus fob US$150.0/t vs US$150.4/t
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