Bizbits

The rupee opened at Rs 39.73/78 against the US dollar. The Indian currency plunged to Rs 39.81/83 on heavy demand from corporates and banks and paying pressure from importers. Demand for the US unit was low after the mid-session which allowed the rupee to close at Rs 39.82/84. The Reserve Bank of India RBI was absent in the spot section but sold for June and July forwards.

Sharp fall in silver prices

MUMBAI 8212; SILVER prcies declined steeply by Rs 140 per kilo and prices of gold also remained subdued on the bullion market on Monday. Ready silver of .999 fineness started better at Rs 8350 but soon fell steeply and closed at Rs 8100 as against the the last close of Rs 8240 due to fall in international prices. Raw silver of .999 at Rs 8000 and tenderable silver at Rs 8105 also fell by a similar margin from the previous mark of Rs 8140 and Rs 8245 respectively.

Standard gold fell by Rs 30 to close at Rs 3985 from Rs 4015 on weak London advices where it was fixed at a fresh low of 278.50 per ounce. 22-carat gold was nominally quoted weak at Rs 3685 and ten-tola gold bar of .999 purity fell by Rs 400 to Rs 46,600 from Rs 47,000.

Notification on I-T returns

MUMBAI 8212; The centre on Monday notified that it was mandatory to file income tax returns by all those persons who satisfy two of the four new economic criteria specified in the Income Tax Act. A press release said the four economic criteria are, a person in occupation of an immovable property exceeding a specified floor area, owner or lessee of a motor vehicle, a subscriber to a telephone and incurred expenditure on foreign travel.

Pact on gas supply with Qatar

NEW DELHI: India and Qatar have signeda memorandum of understanding that could lead to the supply of up to five million tonnes of liquefied natural gas per annum from the Gulf state to the Indian market.