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India is celebrating <keyword id="23288581" type="General" weightage="20" keywordseo="Dhanteras" source="keywords">Dhanteras</keyword> today, even as the public remains cautious about adding gold's glitter to their portfolios, given the metal's sky-high prices. <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> went past the Rs 81,000 mark today in Delhi. Per IBJA (<keyword id="20397944" type="General" weightage="20" keywordseo="India-Bullion-and-Jewellers-Association" source="keywords">India Bullion and Jewellers Association</keyword> Ltd.), the cost of 24K gold stood at Rs 7,885/gram today, while 22K gold was priced at Rs 7,695/gram. While jewelers anticipate some increase in customer footfall today, between afternoon and late evening, the All India Gem and Jewellery Domestic Council expects sales volumes to remain steady at around 20 tons. However, per their estimates, sales this year might be down by 5% compared to last year. The <keyword id="19921618" type="General" weightage="20" keywordseo="Confederation-of-All-India-Traders" source="keywords" meta.keywordsubtype="org" meta.entityname="Confederation of All India Traders" meta.hostid="261" meta.entityid="Confederation of All India Traders">Confederation of All India Traders</keyword> (CAIT) projects nationwide retail trade worth Rs 50,000 crore during this Dhanteras. Even quick-commerce companies are cashing in on the Dhanteras sentiment. While Blinkit has partnered with Joyalukkas and Malabar Gold and Diamonds to deliver gold and silver coins in 10 minutes, Zepto has teamed with Augmont and Malabar for the same. Per media reports, Swiggy Instamart has partnered with Muthoot Exim and Malabar, while BigBasket has tied up with Tanishq. Legend has it that it was on this day that Lord Dhanvantari, the deity of health, appeared today, making brass utensils particularly auspicious for purchase. People also seek blessings from Lord Ganesha, Goddess Lakshmi, and Lord Kuber, and it is considered auspicious to buy gold and silver jewelry, utensils, kitchenware, vehicles, garments, and electronics on this day. <h2>The appreciation of gold</h2> Gold has had a great run this year, having a YTD (yield-to-date) of 24%. Despite high prices, the demand for gold this festive and wedding season is expected to remain buoyant in India. The yellow metal's demand as a haven has jumped up significantly in recent times, owing to <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> like the ongoing Israel-Hamas conflict. Moreover, with governments across the world trying to tame inflation and boost spending by way of rate cuts, gold is increasingly being seen as an effective hedge against inflation. Experts suggest that the demand is set to remain elevated for the times to come. "The immediate outlook for gold remains robust, supported by the recent import duty reduction from 15% to 6%, which has already stirred significant market activity with imports doubling year-over-year. Despite price changes, the traditional festive and wedding seasons continue driving strong demand, with consumers adapting their purchasing patterns," says Vikas Singh, Managing Director &amp; CEO of MMTC-PAMP. "Looking ahead, multiple structural factors paint a positive long-term picture. There is an overall trend of increasing gold holdings providing sustained price support. While physical gold remains paramount, there's increasing interest in gold investments, particularly among urban consumers," he continues. <h2>How to check if your gold is pure </h2>First, always make sure to buy only hallmarked physical gold. "Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in the precious metal article. Hallmarking provides consumers with third-party assurance and satisfaction that they get the right purity of gold (or silver), the government noted in a press release yesterday, urging customers to buy only <keyword id="23040621" type="General" weightage="20" keywordseo="hallmarked-gold" source="keywords">hallmarked gold</keyword> and silver. Hallmarked gold is characterized by a few specific marks, like the logo of BIS (Bureau of Indian Standards), the jeweler's mark, and that of the hallmarking center. During the process of hallmarking, each piece of gold or silver is assigned a 6-digit alphanumeric code or HUID (Hallmark Unique Identification). Download the BIS Care app on your phone and enter this code using the verify HUID icon on the app. This will help you test the veracity of your purchased gold.

Gold continues to shine bright on Dhanteras, but should you participate in the glitter?

<ul><li><keyword id="6357252" type="General" weightage="100" keywordseo="hero-motocorp" source="Orion">Hero MotoCorp</keyword> has reportedly been found reporting ₹1,000 crore in bogus expenses.</li><li>Doing so allows the company to claim it as a deduction, thereby reducing its taxable income.</li><li>Hero MotoCorp has reportedly stated that this is nothing more than a “routine check”.</li></ul>Hero MotoCorp, one of the leading two-wheeler companies in India, has found itself entangled in a case allegedly involving ₹1,000 crore worth bogus expenses, revealed in a raid by the Income Tax (IT) department. Reporting bogus expenses allows the company to claim them as a deduction, thereby reducing the income liable for tax. According to a report by <a href="https://www.cnbctv18.com/auto/hero-motocorp-made-bogus-expenses-of-over-rs-1000-crore-alleges-i-t-dept-12980642.htm">CNBC TV18</a>, the Income Tax department had conducted a raid between March 23 and March 26 at the premises of the company. While the department is yet to release an official statement in the matter, news agency ANI says its sources have revealed that “incriminating evidence” has been found, putting Hero MotoCorp in the dock. Hero MotoCorp’s shares tanked over 7% in reaction to the news. The share price closed at ₹2,210, recovering from the day’s low of ₹2,154. <div type="image" title="Hero MotoCorp 01_01_22 to 29_03_22." msid="90520020" hostid="261" caption="&amp;lt;p&amp;gt;Hero MotoCorp share price in 2022&amp;lt;/p&amp;gt;"></div> According to the CNBC TV18 report, the IT raids were carried out on two of Hero MotoCorp’s premises – in Gurugram and Delhi, apart from the residence of the company chairman and chief executive officer, <keyword id="87849" type="General" weightage="20" keywordseo="pawan-munjal" source="Orion">Pawan Munjal</keyword>. The company brushed aside the concerns in a statement, stating that this was a “routine check” and it is “business as usual”. While it’s not unheard of for the Income Tax department to conduct searches and raids towards the end of the financial year, the presence of incriminating evidence is a cause for concern. Business Insider has reached out to the company for a statement. Update: The company has issued the following statement, filed with the stock exchanges. “The allegations made in the press report are not borne out of any document that have been served on us or our internal documents. Therefore, we categorically deny the speculative press reports. We wish to clarify that officials from the Income Tax department visited our offices in the previous week. As and when the tax department concludes its findings and communicates to us, we will inform the exchanges suitably.” SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/joyalukkas-wants-to-raise-2300-crore-via-ipo-majorly-to-clear-off-a-big-pile-of-debt/articleshow/90515276.cms">Joyalukkas’s strong foothold in south India makes it a better performer than most of the country’s top players</a> <a href="https://www.businessinsider.in/careers/news/naukri-coms-latest-report-reveals-that-6-in-10-companies-will-be-hiring-in-the-next-three-months/slidelist/90516922.cms">Naukri.com’s latest report reveals that 6 in 10 companies will be hiring in the next three months</a> <a href="https://www.businessinsider.in/tech/news/gpu-prices-are-coming-down-finally-gamers-rejoice-but-theres-more-to-come/articleshow/90511775.cms">GPU prices are coming down, finally – gamers rejoice, but there’s more to come</a>

Hero MotoCorp shares tank 7% after IT raid reveals ₹1,000 crore bogus expenses

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Gold continues to shine bright on Dhanteras, but should you participate in the glitter?

Ira Alok Puranik

Hero MotoCorp shares tank 7% after IT raid reveals ₹1,000 crore bogus expenses

Rounak Jain

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