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Makhanlal C. Damani |
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Makhanlal C. Damani
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Dear Members and Friends,
It gives me a great pleasure to be in your midst to celebrate the golden jubilee of the association in the millennium year. I would like to say a few words regarding the association.
As you are aware gold has fascinated the mankind from a very long time. It stands for excellence, prosperity
. through India hardly produces gold, it has huge stock of gold and silver. It has accumulated the stock from the barter in the past. Gold and silver are used in consumption as well as investment. It is in this connection that the Association comes into picture.
The association was conducting forward trading in gold and silver in the past. With the introduction of Gold control act, the trading was banned. With the liberalization of import of gold/silver by the Govt. of India, imports of Gold and Silver steadily increased. The association made all efforts to repeal the Gold control Act. It has now applied to Central Govt. for permission to conduct futures trading in gold & silver.
The effort of the association also succeeded in starting the gold bond scheme, the gold Depository Scheme by the Government of India.
Bullion trade was concentrated in Mumbai and nearly 80% of the trade of the country was conducted in Mumbai, but with the State Government of Maharashtra by increasing the sales tax rate the trade has shifted to the neighboring states of Gujarat, Rajasthan, Delhi. The association represented to the Maharashtra Govt. and Mumbai Mahanagar Palika for reducing the incidence of Sale tax and octroi on the trade respectively. Our efforts to get the octroi on gold reduced from 1% to 0.1% Succeeded. We are continuingly representing with the Mahanagarpalika to get the octroi on silver reduced to 0.1% from 1%.
We are consistently pursuing with the Maharashtra Govt. to reduce the incidence of sales tax on this multi billion rupee trade and introduce the VAT system of taxation.
The opinion of the association is also sought by the RBI and the Government of India considering all these things. I am sure that Government of India will grant permission to the Bombay Bullion Association to conduct futures trading in gold and silver at an early date.
I am extremely thankful to the association for honoring me as its Director and President and President emeritus. I wish the association all the success in its activities.
Makhanlal C. Damani
Shri M. L. Damani Business Activity started since started his
business in Calcutta nearly five decades ago. His initial ventures were
in gold, silver, banking and money lending. He had later expanded
into Stock market & Commodity market Member of BSE, NSE, and
MCX & NCDEX.
He had founded the Shrimati Basantidevi Damani Trust which has made significant contributions to hospitals, schools and religious spots in Bikaner, Rajasthan. He has setup a computer lab in his high school in the name of his teacher. This is an example of his unique and unselfish thinking as most charitable projects are named after the family. He has been awarded for his contribution to the business Community by the Association. He was also awarded by the Governor of Rajasthan for his philanthropic contributions to the state.
His group has been a member of BBA for 40 years. He was the
President of BBA from 1991 1998. Vice President of BBA From
1984 1991 & 1979 1980.
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Date / Time |
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INR-USD |
49.2350 |
49.2453 |
2012-02-22 20:37:25 |
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