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Illicit gold: India’s smugglers shut out refiners, banks

Illicit gold: India’s smugglers shut out refiners, banks

MUMBAI, August 23 (Reuters) – Indian gold refiners just months ago were ramping up capacity and struggling to secure enough ore from miners. Now, they are suspending operations as a surge in smuggled bullion wipes out wafer thin margins.  …

How Do Commercial Banks Create Money?

How Do Commercial Banks Create Money?

Banks are profit-making private businesses, just like retail stores and supermarkets. Some banks are quite small, with just a few branches, and they do business in a limited area. Others are among the largest corporation, with hundreds of branches spread…