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Is Demand For Gold Fading Away?

 

World’s demand for gold is the lowest since third-quarter of 2009.  Voters in Himachal Pradesh turned out in large numbers in the latest assembly elections. A larger chunk of proceeds of crime have been laundered through banks ‘using a maze of shell companies’. Indian doctors are not spending enough time for primary care consultations, says a study.

 

650 tonnes

What is it? India’s expected gold demand in 2017, according to World Gold Council (WGC) India.

Why is it important? This would be the lowest in eight years. In comparison, the demand was 666.1 tonnes last year while the 10-year average was 845 tonnes. The WGC has attributed this to the government’s initiatives to make bullion trading more transparent in addition to weak demand in some rural areas. Under the new goods and services tax regime rolled out recently, the tax on gold more than doubled to 3% from 1.2% earlier.

Tell me more: Weaker demand in India, which is the second biggest gold consumer after China, could result in the reduction of global gold prices, which recently were at a near three-week high. It remains to be seen if the wedding season in the current quarter is able to help revive the demand in the country.

 

74%

What is it? The polling percentage for the Himachal Pradesh assembly elections held on Wednesday.

Why is it important? This is the highest voting percentage for the hill state, which has not returned a government in the last 30 years. A high voter turnout was traditionally considered as an anti-incumbency vote, but recent data doesn’t suggest so. In three state elections – Rajasthan, Madhya Pradesh and Chattisgarh – with high voter turnover, two incumbents were re-elected.

Tell me more: Himachal Pradesh became the first state to use paper trail (voter-verifiable paper audit trail) for all polling stations (7,525). 297 out of 11,283 paper trail machines developed snag and were replaced.

 

48%

What is it? The percentage of cases registered under the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA) where financial institutions were responsible post-demonetisation.

Why is it important? Higher incidence of people using financial institutions to launder money could indicate corrupt practices within the highly regulated banks, but it could also mean suspicious transactions are better tracked. Enforcement Directorate (ED) says proceeds of crime are laundered through banks ‘using a maze of shell companies’. Real estate (35%) and gold/ precious metal (7%) came second and third in terms of number of cases registered by the ED.

Tell me more: Between November 2016 and September 2017, the ED conducted 620 searches and issued 597 showcause notices. ED has attached assets worth Rs5,335 crore under FEMA.

 

2 minutes

What is it? The mean duration of India’s primary care consultation time in 2015, according to a global study published in British medical journal BMJ Open.

Why is it important? Shorter consultation times means poorer health outcomes for patients, which also indicates a heightened sense of burnout for the doctors. According to a recent Global Burden of Disease Study, the country ranked a poor 154 of 195 countries on the healthcare index. In India, the doctor-population ratio of 0.62 per 1,000 is way lesser than the prescribed ratio of 1:100 by the World Health Organization.

Tell me more: The report, which collated data from 178 studies, covered 67 countries and over 28.5 million consultations. Overall, primary care consultations last less than five minutes for half of the global population but range from 48 seconds in Bangladesh to 22.5 minutes in Sweden.

 

180 million

What is it? The number of smartphone owners who are at the risk of having their text messages and calls intercepted by hackers, according to cyber-security firm Appthority.

Why is it important? This is due to a simple coding error in some mobile apps that use functions provided by Twilio, a third-party service provider. Such studies point to the necessity to download apps from trusted stores, a careful inspection of app permissions and not go for something called ‘rooting’ (for Android users) that allows third-party services to break software locks for users to make software changes that cannot be made otherwise.

Tell me more: Appthority found 685 problematic mobile apps linked to 85 Twilio accounts of a survey of 1,100 apps. Here’s how it works: The apps use the services of providers such as Twilio to send text messages and make phone calls and if developers leave those credentials (tools for authentication) in apps, their accounts could be exposed to the hackers. They, in turn, can access related data if they log into the accounts of the developers on Twilio.

 

 

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