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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Media Release
July 10,2020

Mangaluru, Jul 10: The new team of office bearers of Mangalore Toastmasters Club for the year 2020-21 was installed in an online ceremony themed “Unlockdownable MTM” on 04th July, 2020. The new team will be led by Shraddha S Pai as President and her team consisting of Dr. Sapna Ramaraj as Vice President-Education, Ranjani Vittaldas as Vice President-Membership, Fiona Pinto as Vice President-Public Relations, Aashitha Shetty as Treasurer, Chandrashekar Palekar as Secretary and Oliver Lobo as Sergeant-at-arms. Dr. Ananth Prabhu, motivational speaker and cyber law investigator was the chief guest for the occasion.

In his speech, Dr. Ananth Prabhu emphasized the necessity for a paradigm shift towards cyber security with the rampant increase in digitization. He mentioned three out of fifteen skills that are absolutely necessary for anyone to be successful - how to impress people, independent living and surviving skills and how to bounce back when you fall. The remaining 15 can be found detailed in his book - The Samurai who sold his Suzuki which he presented to the outgoing and incoming Presidents.

Aashitha Shetty was the anchor for the program. Chandrashekar Palekar rendered the invocation and Benzita Ferrao welcomed the gathering. Outgoing President Kavitha Kamath thanked her entire team, mentors and the club members for their support during her tenure. Outgoing Vice President-Education Mareena Seema presented the Toastmaster of the year award to Distinguished Toastmaster M. N. Pai. Jyothi Hebbar presented an elaborate Secretary’s report highlighting the club’s happenings, events and achievements during the past year 2019-20.

Sunitha Periera introduced the 11 new members of the club who were then inducted by Division F Director Molly Chaudhuri. The Oath-taking of the new office bearers was presided over by Area F3 Director Sapna Shenoy. In her acceptance speech, Shraddha S Pai thanked the club members for putting their confidence in her and electing her to the new position. She spoke of her sense of debt and duty to those who held the office before her and promised to do her best in meeting the challenges in the coming year.

17 Representatives and leaders from different clubs of Division F including Club Growth Director Savitha Salian, Division Director Molly Chaudhuri and veteran toastmasters Malini Hebbar and Phyllis D’Costa felicitated the outgoing and incoming office bearers. Isha S Pai, daughter of newly sworn-in President Shraddha S Pai and Mrs. Vijaya Kudva, mother of outgoing President Kavitha Kamath also felicitated the new team. The vote of thanks was proposed by Princita Ferrao. Technical support was handled by Praveen M.N. and Yvonil D’Souza.

Mangalore Toastmasters club is built on 17 glorious years of support and encouragement of a healthy mix of veteran as well as rookie toastmasters. Bagging 93 educational awards, the club has placed 11th worldwide in the past year, upholding Toastmasters International’s core values of integrity, dedication to excellence, service to the member and respect for the individual.

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News Network
March 31,2020

Bengaluru, Mar 31: The total number of confirmed cases of coronavirus in Karnataka rose to 98 on Tuesday, according to the state government.

This includes 3 deaths and 6 patients who were cured and discharged, leaving the active cases to 89.

Meanwhile, Karnataka Home Minister Basavaraj S Bommai said that his government has succeeded in tracking more than 24 people in Bengaluru, who attended the Tablighi Jamat event in Delhi held earlier this month.

"Over 24 people, who attended Tablighi Jamaat event in Delhi, tracked in Bengaluru. We have quarantined 54 people. 8 people also in Bidar. 1 person found positive in Bidar and we have quarantined him. There are people who attended jamaat from almost all districts of the state," Bommai told news agency here.

Delhi's Nizamuddin area emerged as a hotspot after a religious meeting was held at Markaz by the Tableeghi Jamaat earlier this month, and several COVID-19 positive cases have been found among those who attended the gathering.

At least 24 people staying at Markaz building in Nizamuddin area of the national capital have tested positive for coronavirus, Delhi Health Minister Satyendar Jain on Tuesday.

"All of them are being screened. We are not certain of the number but it is estimated that 1500-1700 people had assembled at the Markaz building. 1033 people have been evacuated so far - 334 of them have been sent to the hospital and 700 sent to quarantine center. A total of 24 positive cases have been found so far," he said while speaking to reporters here.

The minister also slammed the organizers of the religious event saying that they have committed a grave crime.

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News Network
May 9,2020

Bengaluru, May 9: Karnataka government in its latest order has allowed restaurants, pubs and bars to sell liquor at retail prices from May 9 till May 17. The third phase of coronavirus lockdown is slated to end on May 17.

"Karnataka government has allowed restaurants, pubs and bars to sell liquor at retail prices from tomorrow till May 17. However, they can be sold only in take away form," read an order issued by the state government.

Earlier, the government had allowed the opening of liquor shops in order to mobilise revenue. However, bars, pubs, restaurants were ordered to remain close amid the COVID-19 lockdown.

As per the latest update by the State Health Department, the total number of coronavirus cases in the state is 753. "Of 753 cases, 346 are active cases. 376 persons were discharged after treatment while 30 people have succumbed to the coronavirus," the Health Department said in a release. 

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