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 6,2020

Bengaluru, Mar 6: PVR Cinemas on Friday launched its five-screen multiplex in here, augmenting its presence in Karnataka across 15 properties to 103 screens and to 46 properties and 286 screens in southern India.

With this opening, PVR consolidates its growth momentum in the current financial year 2019-20, so far opening 83 screens in the year and bringing its portfolio to 841 screens at 176 properties in 71 cities.

"We feel proud to cross the 100 screens milestone in the state of Karnataka at the very beginning of the year," said Joint Managing Director Sanjeev Kumar Bijli.

"Southern India has a strong market with significant growth potential. In Bengaluru, we have introduced some of our best formats and offerings owing to the nature of preferences by our customers," he said in a statement.

Pramod Arora, Chief Growth and Strategy Officer at PVR Ltd, said the company will continue to enhance the consumer experience through innovation and set new benchmarks in the Indian multiplex industry.

PVR is the largest and the most premium film exhibition company in India, serving over 100 million patrons annually. 

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coastaldigest.com news network
June 3,2020

Mangaluru, Jun 3: The district administrations of Dakshina Kannada and Kasaragod have issued standard operating procedures (SOP) for the movement of people between two neighbouring districts that fall under two different states.

Even though thousands of people used to commute between these two districts due to employment, education and other reasons every day, the travel has been banned for over two months due to covid lockdown.

Dakshina Kannada DC Sindhu B Rupesh has assured that travel passes will be issued for working professionals/students who have to commute every day.

Those who wish to travel to DK district from Kasargod have to register on https://bit.ly/dkdpermit for daily pass.

The pass applicant should mention the travel destinations, and the complete work address in DK. He/she should also upload Aadhaar card, proof of workplace. On receipt of the applications, the AC of Mangaluru division will issue the pass which will be valid till June 30.

The DC said that the pass details will be recorded at Talapady check post daily. Those who fail to report during the exit from Dakshina Kannada will be subjected to quarantine by the taluk administration and penal action will be initiated as per Epidemic Act, she warned.

Thermal screening of all persons entering DK will be conducted at the checkpost. Only those who are asymptomatic will be allowed to enter.

As per the SOP issued by Kasargod District Collector, those who wish to commute between these two districts have to register in COVID-19 Jagratha portal under the emergency pass category and the applicant has to mention the reason as “inter-state travel on a daily basis."

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Agencies
April 15,2020

San Diego, Apr 15: Several people lost their sense of smell or taste weeks ago globally and are still waiting for it to come back and now, researchers have identified an association between sensory loss and novel coronavirus 2019 (COVID-19) infection, indicating that loss of smell and taste may be considered as early symptoms of the deadly disease.

Interestingly, the study also found that persons who reported experiencing a sore throat more often tested negative for COVID-19.

The team from University of California-San Diego found high prevalence and unique presentation of certain sensory impairments in patients positive with COVID-19.

Of those who reported a loss of smell and taste, the loss was typically profound, not mild.

"Based on our study, if you have smell and taste loss, you are more than 10 times more likely to have COVID-19 infection than other causes of infection. The most common first sign of a COVID-19 infection remains fever, but fatigue and loss of smell and taste follow as other very common initial symptoms," explained study researcher Carol Yan from UC San Diego.

"We know COVID-19 is an extremely contagious virus. This study supports the need to be aware of smell and taste loss as early signs of COVID-19," Yan added.

For the findings, published in the journal International Forum of Allergy and Rhinology, the research team surveyed 1,480 patients with flu-like symptoms and concerns regarding potential COVID-19 infection who underwent testing at UC San Diego Health from March 3 through March 29, 2020.

Within that total, 102 patients tested positive for the virus and 1,378 tested negatives. The study included responses from 59 COVID-19-positive patients and 203 COVID-19-negative patients.

Encouragingly, the rate of recovery of smell and taste was high and occurred usually within two to four weeks of infection.

"Our study not only showed that the high incidence of smell and taste is specific to COVID-19 infection but we fortunately also found that for the majority of people sensory recovery was generally rapid," said Yan.

"Among the COVID-19 patients with smell loss, more than 70 per cent had reported improvement of smell at the time of the survey and of those who hadn't reported improvement, many had only been diagnosed recently," she added.

Sensory return typically matched the timing of disease recovery.

In an effort to decrease the risk of virus transmission, UC San Diego Health now includes loss of smell and taste as a screening requirement for visitors and staff, as well as a marker for testing patients who may be positive for the virus.

"It is our hope that with these findings other institutions will follow suit and not only list smell and taste loss as a symptom of COVID-19, but use it as a screening measure for the virus across the world," Yan said.

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