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
May 9,2020

Bengaluru, May 9: Dubai NRI Kannadigaru president and entrepreneur Naveed Magundi in a video message thanked government of India for helping stranded Indians in Arab countries to return home. 

The video was shared by Karnataka Deputy Chief Minister C N Ashwath Narayan on Friday on Twitter. 

"Kannadigas, who are in trouble in the Arab countries and wanting to return home, have got the central government's rapid response. Prime Minister Narendra Modi gratitude video on behalf of Dubai President Kannadigas," Narayan said in the tweet.

The Ministry of External Affairs (MEA) has prepared a chart for the first phase evacuation of over 14,000 Indian nationals stranded in 13 foreign countries by 64 flights in week one of the operation.

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News Network
January 21,2020

Kochi, Jan 21: Eight tourists from Kerala were found dead in a resort at Daman in Makwanpur district of Nepal, reports said. The dead include a couple and four minor children.

The deceased were identified as Praveen Kumar Nair (39), Saranya (34), Ranjith Kumar T.B (39), Indu Ranjith (34), Sreebhadra (9), Abhinav Soorya (9), Abhi Nair (7) and Vaishnav Ranjith (2).

The deceased are from Chengottukonam in Thiruvananthapuram and Kundamangalam in Kozhikode. Praveen, a travel enthusiast hailing from Chengottukonam, went on the Nepal trip with his wife, three children and friends from Kochi, last week.

 “They were using a gas heater in the room. Suffocation might have caused their death,” said superintendent of police Sushil Singh Rathore of the District Police Office in Makwanpur, news agencies reported.

According to newspaper reports here, the deaths occurred at a resort named Everest Panorama. They were airlifted to HAMS hospital where they were pronounced dead on arrival, superintendent of police Sushil Singh Rathaur said.

They were part of a group of 15 people travelling from Kerala to Pokhara, a popular mountain tourist destination, The Himalayan Times reported.

They were on their way back home and stayed at Everest Panorama resort in Daman in Makawanpur district on Monday night.

The tourists are suspected to have died of asphyxiation after turning on the gas heater and shutting all the windows to keep warm.  Hotel staff opened the room using duplicate keys as there was no response from the rooms when the other members of the group went to check on them.

According to the manager of the resort, the guests stayed in a room and turned on a gas heater to keep themselves warm. Although they had booked a total of four suites, eight of them stayed in a room, the manager said, adding that all the windows and the door of the room were bolted from inside.

“All arrangements have been made to bring the bodies to Kerala at the earliest. The Union government is coordinating with the Indian Embassy in Nepal. A doctor from the Indian embassy will be present during the post mortem. Other members of the group are being brought to Kathmandu by road,” said Union minister V Muraleedharan.

Chief minister Pinarayi Vijayan said that NORKA will coordinate with Nepal authorities to bring dead bodies.

 “Embassy officials are at the government hospital where a post mortem is being done. Formalities will be completed at the earliest and arrangements are in place to bring dead bodies by Wednesday evening. State government is in constant contact with Nepal authorities,” said Kadakampally Surendran, tourism minister.

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News Network
March 15,2020

Bengaluru, Mar 15: The Karnataka government on Saturday said it would advice IT companies to allow employees to work from home as most coronavirus  affected patients or their relatives were from this sector.

"If anybody (IT companies) asks (employees to work in the office),I will speak to them through the deputy chief minister so that they take steps to issue a definite order. We have very clearly said, Stay Home, stay safe," medical education minister Dr K Sudhakar said. He recalled that the chief minister himself had issued a strict advisory to allow employees work from home.

The minister said the IT sector understands the gravity of the situation because they are educated, have travelled abroad and have more exposure to information world. "No action," he said to a question on what action would be taken against companies who do not follow the instructions.

"There is no action to be taken. We have not promulgated any law. It should be a kind of a cohesive approach from the government and the responsible citizen," he said.

The minister said he had also acted on the advice of Infosys Foundation chairperson Sudha Murty, who had told him that all areas where public and students gather, including malls, theatres, schools and colleges, should be closed.

Sudhakar claimed that the woman whose husband had tested positive for cornavirus here, had flown straight to Delhi from the city and had not come out of Bengaluru airport. He said the newly-wed couple came to Bengaluru airport on March 8 night and early on March 9, she flew alone to Delhi. From there she travelled to Agra by train. She did not come out of the airport, said the minister.

To a question on legal action being contemplated against her, the minister said he would take a call said he was not thinking of legal action at present and would take a call only after the woman, who has also tested positive for the virus, comes out of isolation. He insisted that the purpose of getting details was not to scare people.

On the preparedness in Kalaburagi, where the first Coronavirus death in India was reported, he said the administration had 'clamped down" the entire district. Meanwhile, the deputy commissioner of Ballari district ordered cancellation of tourists' entry to the world heritage site of Hampi from March 15 to 22 to prevent further spread of the virus.

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