India's 2020 gold demand may hit 26-year low as prices rally: WGC

Agencies
July 30, 2020

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New Delhi, Jul 30: India's gold demand in 2020 is expected to fall to the lowest level in 26 years with domestic bullion prices hitting a record high and as falling disposable incomes could curtail retail purchases, the World Gold Council (WGC) said on Thursday.

Lower demand by the world's second-biggest bullion consumer could limit a rally in global prices, which hit a record high earlier this month, although it could also reduce India's trade deficit and support the ailing rupee.

"Fast rising gold prices could act as headwinds," said Somasundaram PR, the managing director of WGC's Indian operations.

Local gold futures have jumped 35% so far this year after rising a quarter in 2019.

India's gold consumption in the first half of 2020 plunged 56% on-year to 165.6 tonnes. Meanwhile, the coronavirus-triggered lockdown also slashed demand by 70% in the June quarter to 63.7 tonnes, the lowest in more than a decade, the WGC said in a report published on Thursday.

Millions of Indians have lost their jobs or taken a pay cut after the country imposed a lockdown on its 1.3 billion people to curb the spread of the virus that has infected more than 1.5 million Indians.

Consumption is generally high during the June quarter due to weddings and key festivals such as Akshaya Tritiya, but lockdown restrictions kept shoppers indoors this year.

The weak demand in the first half could drag down India's gold consumption in 2020 to the lowest since 1994, when demand stood at 415 tonnes, Somasundaram said, adding that it is still difficult to provide an estimate for full-year demand as the coronavirus crisis is still unfolding.

"Indian demand has previously jumped as much as 300 tonnes in a quarter. Latent demand could come out in the second half," Somasundaram said.

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News Network
January 22,2025

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Bollywood actor Saif Ali Khan and his family are facing the possibility of losing control over their ancestral properties in Bhopal, reportedly valued at Rs 15,000 crore. This development follows the Madhya Pradesh High Court’s recent decision to lift a stay imposed on these assets in 2015, potentially paving the way for their acquisition under the Enemy Property Act, 1968.

Properties Under Scrutiny

The properties in question include prominent landmarks such as:

Flag Staff House, where Saif Ali Khan spent much of his childhood

Noor-Us-Sabah Palace

Dar-Us-Salam

Bungalow of Habibi

Ahmedabad Palace

Kohefiza Property

Legal Background

Justice Vivek Agarwal’s ruling emphasized that the amended Enemy Property Act, 2017, provides a statutory mechanism for resolving disputes. The court noted, “If a representation is filed within 30 days from today, the appellate authority shall not advert to the aspect of limitation and shall deal with the appeal on its own merits.”

The Enemy Property Act enables the central government to claim properties belonging to individuals who migrated to Pakistan after Partition. In this case, the focus lies on the migration of Abida Sultan, the eldest daughter of Hamidullah Khan, the last ruling Nawab of the princely state of Bhopal, to Pakistan in 1950. While Sajida Sultan, Hamidullah Khan’s second daughter, stayed in India and became the legal heir, the government has argued that Abida Sultan’s migration classifies the properties as "enemy property."

Saif Ali Khan, Sajida Sultan’s grandson, inherited a portion of these assets. Although the court recognized Sajida Sultan as the legal heir in 2019, the latest ruling has reignited the family’s decades-long property dispute.

Government Action

Bhopal Collector Kaushalendra Vikram Singh has announced plans to review ownership records spanning the past 72 years. He also stated that individuals residing on the disputed properties may be classified as tenants under the state’s leasing laws. This decision has caused widespread anxiety among the estimated 1.5 lakh residents in the area, many of whom fear eviction.

Historical and Cultural Significance

These properties, deeply tied to the history of the princely state of Bhopal, have served as landmarks of cultural heritage. The potential government acquisition and the legal battles surrounding them highlight the complex interplay between history, law, and inheritance.

The next steps will depend on how the appellate authority addresses the family’s representation, as well as the government’s ongoing review of ownership records.

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News Network
January 8,2025

Mangaluru: Air India Express (AIE) has postponed its much-anticipated direct flight service between Mangaluru International Airport (MIA) and Singapore, citing low bookings. Passengers who had booked tickets for the inaugural flight scheduled for January 21 and subsequent dates have been notified of the cancellation through email.

In its email, AIE assured passengers of alternative travel arrangements, including connecting flight options between MIA and Singapore. However, the decision to delay the direct service has left travelers and travel agents disappointed.

An AIE official attributed the postponement to operational challenges but clarified that the airline has not abandoned plans for the route. “We are committed to starting the service, but there is no immediate confirmation on the new launch date,” the official stated. He further explained that sustaining a route requires consistent demand, and seasonal travel alone is insufficient to justify operations.

Another AIE representative admitted that the number of bookings for the inaugural flight was below expectations but declined to disclose specific figures.

Rajesh H Acharya, director of HQ Connections Pte Ltd in Singapore and coordinator of the Singapore Tuluver community, expressed his disappointment. Acharya, who has been advocating for a direct flight between Mangaluru and Singapore since 2017, said, “After years of effort, we finally convinced the airline to start this service, but it has now been deferred.”

Taking to X (formerly Twitter), Acharya posted: "Did not expect such behavior from @AirIndiaX, now owned by @TataCompanies & @SIAirlines. If there are issues, travelers deserve to be informed well in advance. This decision needs investigation at the highest level."

The delay has raised questions among the travel community, with many hoping the airline will address these concerns and provide a clear timeline for the launch of the Mangaluru-Singapore direct flight.

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coastaldigest.com news network
January 16,2025

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Mangaluru, Jan 16: In an unimaginable twist of fate, the vibrant life of 19-year-old K Ahmed Shaheem was abruptly cut short on the evening of January 15, as he collapsed and passed away while enjoying a game of badminton with friends at Falnir, Mangaluru.

Shaheem, the beloved son of Shareef, originally from Addoor and currently residing at Ivory Tower, Attavar, Mangaluru, was in the prime of his youth. 

A student pursuing his graduation at a local private college, Shaheem had a bright future ahead, filled with dreams and ambitions. His sudden death has left family, friends, and the entire community in shock and grief.

Witnesses recount the heart-wrenching moment when Shaheem, in the middle of an energetic game, suddenly fell to the ground. His friends, devastated by the sight, rushed him to the hospital in the hope of saving his life. But tragically, doctors confirmed that he had passed away by the time he arrived.

Shaheem was not only a student, but also a passionate individual deeply involved in various social organizations, where he touched many lives with his kindness and commitment. His sudden departure has left a void that can never be filled, and his memory will remain forever etched in the hearts of all who knew him.

As his family mourns the loss of their precious son, the community stands in solidarity, deeply moved by the untimely loss of a young life that had so much promise.

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