Total individual wealth in India is a whopping Rs 304 lakh crore, says Karvy

It expects the individual wealth in India to grow to Rs 558-lakh crore in 5 years

Total wealth held by individuals in India has grown 8.5% to Rs 304-lakh crore in FY16, according to Karvy’s India Wealth Report 2016. It expects the individual wealth in India to grow to Rs 558-lakh crore at a compounded annual growth rate (CAGR) of 12.9% over the next five years. 

Total individual wealth in financial assets in India grew 7.14% to Rs 172-lakh crore in FY16, the report says, much slower than in FY15 when wealth had grown nearly 19%. The slower pace of growth has been attributed to the bleak performance of direct equities. Karvy expects financial assets to grow at a faster pace of 14.73% CAGR, nearly doubling in the next five years. 

Growth in alternate asset classes in FY16 stood at 84.70% vis-à-vis FY15. Karvy predicts the growth to continue in the next five years although at a slightly slower pace. At the same time, Karvy also cautions against more ‘Black Swan’ events like demonetisation in the future, which will change the way Indians perceive wealth. 


Going ahead, Karvy expects more wealth to enter the formal financial system given the government’s demonetisation programme. As a result, savings bank deposits, fixed deposits and small savings schemes to be most sought after investment avenues even for the next year. 

Over the long-run, Karvy says, this wealth will eventually find its way into asset classes such as equities, mutual funds, etc. On the other hand, the proportion of investments in physical assets such as gold and real estate will reduce. Read more.

Jewellers shut shops for 12th straight day after income-tax surveys

Gold and jewellery establishments in the national capital remained closed for the 12th day today after the Income Tax Department conducted surveys following reports of alleged profiteering and tax evasion by traders and other operators in reported conversion of demonetised notes.

The survey operations were carried out on November 10 in at least four locations in Delhi-NCR region, including Dariba Kalan, Chandni Chowk and Karol Bagh.

The government on November 8 announced the demonetisation of 500 and 1,000 rupee notes to flush out black money.

Most of the jewellery houses have been closed since November 11 in the national capital.(more)

Tirumala temple deposits 1311 kg gold in PNB under gold monetisation scheme

The Tirumala temple – also popularly known as Balaji temple – in Tirupati, one of the richest in the country, has invested 1,311 kilogrammes of pure gold bars of 0.995 fineness in Punjab National Bank (PNB), even as the temple board wants more changes in the central government’s Gold Monetisation Scheme(GMS).
 
Among banks, PNB has offered the highest quotation of interest rate of 1.75% per annum under the short-termdeposit scheme for a period of three years under the GMS.
 
Tirumala Tirupati Devasthanam (TTD's') Executive Officer Dr D Sambasiva Rao said the temple board has written to the Reserve Bank of India as well as the central government to amend the gold monetisation scheme. 
 
“If we get a green signal from them, then we could be able to deposit the existing deposits as well as new ones under medium- and long-term schemes”, he added.
 
Short-term deposits are redeemed in gold which suits the temples. TTD is willing to put gold under medium- (5-7 years) and long-term (10- 12) years’maturity in which depositors are to be paid the rupee equivalent of the amount of gold deposited upon maturity. Now the RBI has allowed banks to offer to redeemed deposits in gold which banks have to implement by changing the structures of the schemes.
 
Tirumala temple gets about one tonne of gold every year as offerings from devotees. This gold is typically sent to refineries or the government mint for conversion to gold bars, which are then deposited in banks.Read More.

Business for Asia with Global InterGold to live and work wherever you choose

Did you move overseas and would like to come back to your hometown? Do you live in your country but want to improve your standard of living?

Look no further! This is the day Asia finds the ultimate business opportunity to take the control of your own life.

Asia's economy from A to Z

Over 60% of the world population in 50 countries. Evidently, summarising the economy in Asia would be a hard task. While some countries live a boom in the economy, others combat an economic gap.

That is why news about an economic growth is no reason for celebration whatsoever for too many people. Some still live overseas, some still depend on others.

How can Asians live a full life wherever they want?

Being forced to leaving home is never easy. No matter how long you live in other country, your roots always lie somewhere else.

The ultimate solution is offered by new technological developments of the 21st Century. Two words: online business.

Global InterGold's business opportunity

Global InterGold is an online shop that buys and sells physical gold bars of the highest quality. Because it is online, people from all over the world with Internet access can register for free and make purchases.

Why so many Asian people have chosen this shop?

Besides the purchase of gold, Global InterGold offers a ground-breaking business idea that adapts to the needs – and pocket – of just about everyone. Details at GoldSet program.

They develop a business based on recommending the Online Gold Shop's goods and services, teamwork, exchange of experience between customers, mutual cooperation and learning.

Customers run their own business from home, while traveling, etc. And best of all – always counting on the support of the company and other customers.

Why do they work with gold?

While other products become worthless in the blink of an eye when crisis arrive, gold protects people's money and stays afloat. That is, by buying gold, you protect your money from crisis and increase its value in the long-term.

Global InterGold's gold bars from 1 to 100 grams fit perfectly in your wallet. You carry something more valuable than banknotes that can be exchanged for cash in any bank at any moment.

What is Global InterGold's activity in Asia?

At the beginning of the year the company started the Global Tour 2016, a series of events which traveled through Latin America and Asia. Malaysia, Japan and South Korea were the hosts of important Global InterGold conferences.

For example, the event in Kuala Lumpur drew hundreds of customers who lived their moment of glory when collecting their well-deserved awards! The Awarding Ceremony showed the succes of Malaysian customers!

With the channel set three years ago to import gold illegally into the country not giving enough returns to cover the risk involved, operators of these channels - theSmugglers, in simple words - are now increasingly switching over to illegal import of cigarettes. This is because of the "much higher RoI (return on investment)", according to intelligence officials.

The cost of a Rs 10 cigarette typically goes up to Rs 220 if imported legally. That is the margin the smugglers can corner, since they don't pay import duty. Even if they pass on some of the benefit from the evaded duty, they still make a good amount of profit.