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
April 16,2020

Bengaluru, Apr 16: The lockdown in the wake ofthe coronavirus pandemic has turned out to be a deeply painful story for the Kannada film industry.

Schedules have gone awry following the stay-at-home curbs and operators in Sandalwood, as the industry is popularly known as, say about 100 films under production are affected.

They include big budget movies- 'Raja Veera Madakari Nayaka', 'Kotigobba 3', 'Robert' and 'Yuvaratna.'

Noted producer Rockline Venkatesh told P T I that the loss to the industry is to the tune of hundreds of crores of rupees.

In addition, it's a challenge for producers to secure the content of their movies from "piracy and leak" during long periods of time before their release, Venkatesh, who is Secretary of Karnataka Cine Artistes' Association, said.

A leading distributor said even after the lockdown is lifted and situation returns to normalcy, it remains a big question if investment in film business will pay off at all.

"People don't have money. We will know the impact when things become normal. Questions many ask if people will return to cinema halls like the way they did before or they prefer to stay away from crowd."

Venkatesh, who had also produced Rajinikanth-starrer 'Lingaa' and co-produced 'Bajrangi Bhaijaan' with Salman Khan in the lead role, said it would take at least one to one-and- half years for the industry to be back on its legs.

"That too if the government does hand-holding but if the industry faces a bad hit in terms of income tax and GST and other taxation, 80-90 per cent of the industry will face closure," he said.

"It does not matter if the government does not help the industry but they should not trouble us with things like IT and GST," Venkatesh, who is also a distributor and artiste, said.

A top director said people's "behaviour" towards movies is crucial for the industry's health in the post lockdown scenario.

"With people likely to shy away from going to malls, cinema theatres because of large gatherings there, it's going to be a long road to recovery for us", an industry insider said.

Striking a philosophical tone, Venkatesh said all that people worry now is to save their life and keep good health, adding, amassing money and wealth is the last thing on their mind.

Producers Soorappa Babu and Umesh Banakar, who is also Vice-President of the Karnataka Film Chamber of Commerce, told P T I that the industry has taken a huge hit.

Banakar said the loss to the industry due to the lockdown is at least Rs 1,000 crore.

"The coronavirus has affected the entire world. We don't know what to do; we just have to wait," Soorappa Babu, producer of Kiccha Sudeep-starrer 'Kotigobba 3', said.

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News Network
March 23,2020

Bengaluru, Mar 23: Deputy Chief Minister Laxman Savadi cautioned private bus transport services operators, taxis and autorickshaws from exploiting commuters in wake of bus and train services being suspended by the government as precautionary measures to prevent the spread of COVID-19.

In a statement released here on Monday, Transport Minister Savadi said it has come to the notice that private buses, taxis and autorickshaws were misusing the opportunity and exploiting commuters. Inter-district bus services have been suspended in the districts wherein lockdown has been announced to protect the health of people and none should violate the decision of the government, he stated.

Transport and Police Department officials have been asked to taken action against those violating norms and exploiting commuters. Service providers for their profit cannot risk with the health of the people and repeated cases if come to the fore, they will not be spared, Savadi cautioned.

Government has taken measures to prevent spread of COVID-19. Private transport service providers and people should join hands and cooperate to contain it, he appealed. 

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Agencies
July 5,2020

The deadly coronavirus that entered India while there was still nip in the air has beaten rising mercury, humid conditions, unique Indian genome and has entered monsoon season with more potency as fresh cases are only breaking all records in the country.

India recorded a single-day spike of record 24,850 new coronavirus cases on Sunday, taking its total tally to 6.73 lakh corona-positive cases.

Top Indian microbiologists were hopeful in March that after the 21-day lockdown, as summer approaches, the rise in temperature would play an important role in preventing the drastic spread of COVID-19 virus in India.

Several virologists hinted that by June this year, the impact of COVID-19 would be less than what it appeared in March-April.

The claims have fallen flat as the virus is mutating fast, becoming more potent than ever.

According to experts, the novel coronavirus is a new virus whose seasonality and response to hot humid weather was never fully understood.

"The theory was based on the fact that high temperatures can kill the virus as in sterilisation techniques used in healthcare. But these are controlled environment conditions. There are many other factors besides temperature, humidity which influence the transmission rate among humans," Dr Anu Gupta, Head, Microbiologist and Infection Control, Fortis Escorts Heart Institute, told IANS.

There is no built-up immunity to COVID-19 in humans.

"Also, asymptomatic people might be passing it to many others unknowingly. New viruses tend not to follow the seasonal trend in their first year," Gupta emphasized.

Globally, as several countries are now experiencing hot weather, the World Health Organization (WHO) reported a record hike in the number of coronavirus cases, with the total rising by 2,12,326 in 24 hours in the highest single-day increase since COVID-19 broke out.

So far over 11 million people worldwide have tested positive for the disease which has led to over 5,25,000 deaths, according to data from Johns Hopkins University. The US remained the worst-hit country with over 28 lakh cases, followed by Brazil with 15.8 lakh.

According to Sandeep Nayar, Senior Consultant and HOD, Respiratory Medicine, Allergy & Sleep Disorders, BLK Super Speciality Hospital in New Delhi, whether temperature plays a role in COVID-19 infection is highly debated.

One school of thought said in the tropical regions of South Asia, the virus might not thrive longer.

"On the other hand, another school of thought has found that novel Coronavirus can survive in a hot and humid environment and tropical climate does not make a difference to the virus. According to them, this is what distinguishes the novel coronavirus from other common viruses, which usually wane in hot weather," stressed Nayar.

Not much has been studied in the past and no definite treatment or vaccine is available to date.

"Every day, new properties and manifestation of the disease come up. As of now, the only way to prevent this monster is by taking appropriate precautions. Hand hygiene, social distancing, cough etiquette and face masks definitely reduce spread of COVID-19 infection," Nayar told IANS.

Not just top Indian health experts, even Indian-American scientists had this theory in mind that sunshine and summer may ebb the spread of the coronavirus.

Ravi Godse, Director of Discharge Planning, UPMC Shadyside Pennsylvania in the US told IANS in April: "In the summer, the humidity can go up as well, meaning more water drops in the air. If the air is saturated with water and somebody sneezes virus droplets into such air, it is likely that the droplets will fall to the ground quicker, making them less infectious. So the short answer is yes, summer/sunshine could be bettera.

According to Dr Puneet Khanna, Head of Respiratory Medicine and Pulmonology, Manipal Hospital, Delhi, COVID-19 death rates are not too different in tropical countries but since the disease affected them late it was yet to show its peak in these areas.

"The virus can survive well in hot and humid countries and this is proven now," he stressed.

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