The Gold ETF fund will purchase a large amount of gold, maintaining the physical metal in storage. It will then issue shares in baskets, the idea here being that the value of the shares will increase with the price of gold bullion. If the price of gold goes up by 10 per cent then individual shares would increase in value by the same 10 per cent. Essentially, a gold ETF trades like a stock and its worth is meant to track a percentage of an ounce of gold. For example, a unit of a Gold ETF may be fixed at a value of 1/10th an ounce of gold. These units can be bought and sold on the stock exchange.
DTC Proposes To Do Away With Special Provision That Allows NRIs Liberalised Duration Of Stay In Country THE new direct taxes code could bring a large number of global Indians under the tax net, as it does away with a provision that allowed individuals to escape tax in any country citing double tax avoidance. The new legislation, introduced in Parliament on Monday, says an individual shall be a resident of India in any financial year if he is in the country for more than 59 days in that year, and has been has been India for more 365 days in four preceding financial years. A number of Indian industrialists including Vedanta's Anil Agarwal and Essar's Ravi Ruia have acquired non-resident status over the years. The DTC has only attempted to clean up the provision in line with the laws globally. A phrase "being outside India" in the existing income tax law exempted individuals who stay outside the country for six months from paying taxes. This was prone ...
