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Hindustan Times
23-05-2025
- Business
- Hindustan Times
HC acts against Thane Dy Collector for hurried compensation disbursal
MUMBAI: The Bombay High Court has directed disciplinary proceedings against the Thane Deputy Collector (Land Acquisition) for hurriedly disbursing around ₹12 crore in compensation in a case where six agriculturalists had allegedly falsely claimed to be owners of the land. The direction was given by a division bench comprising Justice MS Sonak and Justice Jitendra Jain, which was hearing a land dispute case. 'We note that instances are on the rise where SLAOs (special land acquisition officers) and competent authorities, ignoring legal provisions and decision of the Hon'ble Supreme Court and this Court, and even Government Resolutions (GR), rush to disburse the compensation amounts,' the court noted on May 6. The court was perusing a GR which stated that compensation in apportionment proceedings should not be disbursed for a minimum four weeks. The deputy collector had earlier been told to file an affidavit detailing the circumstances under which he had delivered his April 21 order, and his hurried disbursal of ₹12,74,00,000 by April 29. Apportionment refers to dividing compensation received for acquired land among several individuals or parties with different interests in the land. In his affidavit, the deputy collector stated that since there was no stay by an appellate authority or any court, he assumed he was at liberty to decide the apportionment dispute himself, without referring it to the appropriate authority or the court. The court, however, observed that there was a dispute regarding ownership of the acquired land, which the deputy collector was not competent to decide. The court was further told that the money received by the agriculturalists had been transferred to various relatives and invested in gold and real estate within days after the compensation was disbursed. The court has now directed the agriculturalists to deposit the investments and money within their control with the court. It also referred huge cash withdrawals made to the Income Tax authorities.
Time of India
28-04-2025
- Business
- Time of India
Goldsmiths expect 30-40% drop in sales this Akshay Tritiya
Mumbai: The festival of Akshay Tritiya, which comes up Wednesday April 30, will be a testing time for sales of gold jewellery. The retail price of the precious metal is hovering at a record high of Rs 1 lakh per 10gm, leading to a massive fall in projected volumes of purchase. Traders expect a 30-40% drop in demand this season. They say mostly small items worth 1-2gm will find approval from mahurat buyers. Goldsmiths have stocked lightweight items which look stylish — the gold element, however, is meagre in these pieces. On Monday, IBJA's rate of 24 carat gold was Rs 95,600 per 10 gm excluding GST and making charges, which amounts to Rs 98,000-1,00,000 in retail shops. Meanwhile 22 carat gold cost Rs 87,600 per 10 gm while silver cost Rs 97,600 per kg. At Akshay Tritiya 2023, 24k gold rates were Rs 60,000 which rose to Rs 71,000 in 2024. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Kanaya Kakad, joint treasurer of IBJA's (India Bullion and Jewellers Association) governing board, defended, "Gold has given returns of 25-30% in the past one year. It is the best investment, unlike mobile phones, cars or laptops, which incur depreciation. I advise Indians to invest in gold at every festival — like SIPs. This year of course, we expect a 30-40% drop in demand given the high rates. Several customers are bringing their old gold for recycling, and lightweight jewellery is in demand." Jitendra Jain of Jugraj Kantilal & Co said, "The current gold market dynamics are indeed interesting. With prices at an all-time high, many customers are hesitant to make large purchases, leading to a decline in demand. However, small denomination gold coins remain popular. The assumption is that gold prices will continue to rise. Global economic uncertainty and stock market volatility may be driving this trend. Investors turn to gold as a hedge against inflation, currency fluctuations, and market instability." In Dadar, goldsmith Prakash Jain of Prakash Jewellers offered commonsense logic. "People's salaries have hardly risen in the last five years, whereas the price of gold has risen from Rs 40,000 in 2019 to Rs 1 lakh in 2025. The average middle class householder who is burdened by stagnating wages coupled with inflation is unable to afford gold."
