Modi govt may impose curbs on domestic gold holdings

November 25, 2016

New Delhi, Nov 25: The government may impose curbs on domestic holdings of gold as Prime Minister Narendra Modi intensifies a fight against "black money", news agency NewsRise reported, citing an unnamed finance ministry official.

NewsRise did not provide further details. A finance ministry spokesman declined to comment on the report.

Gold premiums in India jumped to two-year highs last week as jewellers ramped up purchases on fears the government might restrict imports after withdrawing higher-denomination notes from circulation in its fight against black money.

India is the world's second biggest gold buyer, and it is estimated that one-third of its annual demand of up to 1,000 tonnes is paid for in black money - untaxed funds held in secret by citizens in cash that don't appear in any official accounts.

The move to withdraw higher denomination notes has already started to disrupt cash-based gold smuggling, officials have said.

Scrap gold supplies were also set to halve this quarter as the cash crunch and falling prices make it difficult for consumers to liquidate their holdings.

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Mangaluru’s public transport revolution: 100 new govt electric buses to end private ‘trip-cutting’

News Network

December 19,2025

Mangaluru: Public transport in Mangaluru is set for a state-led transformation as the government moves to deploy 100 new electric govt buses to replace unreliable private services. The initiative aims to provide a dependable alternative to private operators who have been frequently "cutting trips," leaving thousands of commuters stranded.

The announcement was made by Deputy Commissioner and MCC Administrator Darshan HV during a public phone-in session. The move specifically targets routes where private bus service has become erratic, ensuring that citizens no longer have to rely on a fluctuating private sector for their daily commute.

Restoring the Govt Presence

The transport crisis was brought to the forefront by Ramayya, a resident of Bajal, who highlighted a growing trend of private buses skipping morning and night trips. With the previous KSRTC (govt) services discontinued, residents have been left without a fallback option.

To fix this, the DC confirmed that the PM-eBus Sewa Scheme will bring 100 government-owned electric buses to the city:

• Phased Deployment: The first 50 of the new 100 government buses are scheduled to arrive by March 2026.

• State Infrastructure: Two new government depots, including one at Mudipu, are being prepared for operations.

• Recruitment: The state has already begun training a new batch of government bus drivers to ensure the fleet is operational the moment it arrives.

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