Govt ups duty on gold to 10 pc, plans import curb

August 14, 2013

Govt_ups_dutyNew Delhi, Aug 14: Acting for the third time since January, the government on Tuesday raised import duty on gold to 10 per cent to stem import of the yellow metal, a key contributor to India's exorbitantly high current account deficit (CAD) and the consequent currency depreciation.

But concerns remained that a 10 per cent duty difference in gold prices in India and outside may lead to increase in smuggling.

Duty on the precious metal was hiked in June, when its import rose to $2.9 billion.

The government expects to garner an additional Rs 4,830 crore through hikes in duties on two other precious metals, platinum and silver.

The move comes after Finance Minister P Chidambaram said on Monday that the government would soon take measures to compress luxury and non-essential imports.

Gold is the biggest luxury import in India which does not contribute to economic growth in a significant way but is shipped into the country to meet the domestic consumption demand.

Soon after the announcement, the rupee recovered to 61.12 to the dollar from 61.66, but analysts said more structural reforms were needed to stem the fall in the India currency, which has lost more than 10 per cent against the dollar this year.

Revenue Secretary Sumit Bose said the government was working on the proposed hike in import duties on non-essential goods, but sources in the ministry say that import duty could be hiked on items such as high-end cars and LCD and LED TV sets.

The government raised the customs duty on gold from 4 per cent to 6 per cent in January, too, and thereafter to 8 per cent in June. Despite that, there was an 87 per cent increase in gold import in the four-month period from April to July. Gold import went up to 383 tonnes in the April-July period this year, as against 205 tonnes in the same period last year.

Bullion traders said that after the latest measure, gold prices could go up by Rs 600 per 10 grams.

Meanwhile, Minister of State for Finance J D Seelam said there have been apprehensions that a duty hike could lead to an increase in smuggling of gold or gold jewellery. In a written reply to a question in the Rajya Sabha, he said customs and other departments have been alerted to keep a vigil against smuggling.

During April-July, a total of 294 kg of gold, valued at Rs 75 crore, have been seized by the Customs Department.

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News Network
March 3,2020

Bengaluru, Mar 3: Karnataka Health Minister B Sriramulu has called a meeting of top officials of his department on Tuesday following information that the man, who tested postive for novel coronavirus in Telangana had travelled from the city.

The minister in a tweet said people residing in the person's local address have been identified and are being monitored.

He also said state government has taken all precautionary measures to contain the spread of the virus.

The condition of the 24-year-old man, who tested positive for the coronavirus was stable and he was being treated in an isolated ward at the state-run Gandhi hospital in Hyderabad, the Telangana government had said on Monday.

The man, a software engineer who works here, had been to Dubai last month on an official visit, where he is suspected to have contracted the virus.

The man reached Bengaluru on February 19/20 and later travelled to Hyderabad in a bus.

Earlier, Sriramulu had said, the government has strengthened all surveillance and control measures against the spread of the virus in Karnataka.

Till date, 468 travellers from COVID 2019 affected countries have been identified and 284 are under home isolation while one admitted in selected isolation hospital, he had said.

The Karnataka Minister had also said that till date samples of symptomatic are sent for testing, out of which 240 samples were eligible for testing and 238 were reported as negative.

He added that 104 'arogya sahayavani' (health helpline) has reserved 2 seater for receiving calls and providing guidance over Coronavirus and 6,770 calls have been received and information provided.

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coastaldigest.com news network
May 22,2020

Mangaluru, May 22: Following requests from Kannadiga entrepreneurs in Kingdom of Saudi Arabia and persistant efforts of former deputy chairperson of the NRI Forum of Karnataka government Dr Arathi Krishna, the government of India has finally approved the repatriation of stranded Indian expatriate workers amidst prolonged covid-19 lockdown through chartered flights arranged by their employing companies particularly in Gulf region and elsewhere. 

The government has also issued a Standard Operation Protocol (SOP) to be followed to be followed by those who hire the flights. The government's nod will not only allow repatriation of larger number of citizens, who are on wait-lists, but also allows private airlines to get their aircraft, crew, and operational staff actively working again in preparation for resumption of scheduled flights. 

Zakaria Jokatte, CEO of Al-Muzain Est. and K S Sheik, Director of Operations at Expertise Contracting Co. Ltd - both Mangalurean entrepreneurs in Saudi Arabia - were among those who had sought permission to hire chartered flights for the immediate repatriation of their hundreds of employees. 

The NRI entrepreneurs in Gulf have thanked Dr Arathi Krishna for continuously persuading the authorities concerned to issue green signal for the operation of chartered flight at a time when there were only a few scheduled flights under Vande Bharat Mission. 

Welcoming the move Dr Arathi Krishna told coastaldigst.com that Indians stranded in any foreign country can utilize this facility. "Initially, I was approached by Mr Zakaria and Mr Sheik who wanted chartered flights to help their employees fly back to India. I asked them to write to the Indian Ambassador in Saudi Araia Mr Ausaf Sayeed. Then I requested the ambassador to forward the request to Joint Secretary Dr Nagendra Prasad, who is in charge of gulf division in the Ministry of External Affairs, and then to Secretary on charge of Gulf and then I requested Secretary of Economic Relations Mr T S Tirumurti who was also in charge of Gulf to follow this up," she said. 

"There were similar requests for chartered flights from African countries too. Then I persisted officers constantly to take it up to the Foreign Secretary Harsh Vardhan Shringla and Civil Aviation Minister Hardeep Singh Puri and now all the people requesting this from Saudi Arabia have got confirmation from the ministry and communicated by embassy to those who had requested for the chartered flights," she said.

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News Network
June 11,2020

Bengaluru, Jun 11: Chief Minister BS Yediyurappa on Thursday allowed the Opposition Congress party's newly elected state president DK Shivakumar to have a formal swearing-in function.

He told media, “I have spoken to Shivakumar and informed him to conduct the event after taking precautionary measures against the spread of the COVID-19 disease”.

The move came after the state government received flak from the main Opposition Congress leaders, for refusing to permit the newly elected State Congress president to have a formal swearing-in function take reigns from his predecessor Dinesh Gundu Rao.

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