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Miscellaneous

BMC urges traders to call off strike over LBT issue

BMC urges traders to call off strike over LBT issue

The Brihanmumbai Municipal Corporation (BMC) on Thursday urged traders to call off their strike in opposition of local body tax (LBT), stressing that it was open for discussions over the issue.

Municipal Commissioner Sitaram Kunte said that the traders' stir against LBT, which entered the 26th day, was causing a big inconvenience to the citizens.

Speaking on the topic, Kunte said, "The Mumbai Municipal Corporation Act, 1888 needs to be amended to introduce LBT in the city. We are still drafting amendments to the Act and rules based on which it would be executed."

India’s demand for gold jumps 27% in Q1 of 2013

India’s demand for gold jumps 27% in Q1 of 2013

While the global demand for gold declined 13 per cent in Q1 of this year, India's demand for the precious yellow metal jumped 27 per cent year-on-year, according to latest figures released by the World Gold Council
(WGC).

Indians' demand for jewellery jumped 15 per cent year-on-year to 159.5 tonnes in the first quarter of 2013, while investment demand climbed a whooping 52 per cent to 97 tonnes.

China reported gold demand growth at 27 per cent. Therefore, India's demand growth for the yellow metal surpassed China's demand growth by 7 per cent.

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