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 26,2020

New Delhi, Apr 26: The Centre will bring back the Indian citizens stranded abroad due to the ban on arrival of international passenger aircraft, only if the respective states they belong to agree to allow them to come back home and make necessary arrangements to quarantine them after their return.

The Ministry of External Affairs (MEA) has started consultations with the State Governments on bringing back the Indians, who got stranded in the United States, United Kingdom, France, Italy, Canada and many other foreign countries due to the ban on arrival of international passenger aircraft to any airport in the country. The decision on facilitating their return to the country would be taken after getting feedback on preparedness of the States and the Union Territory to receive them following all required health precautions, Cabinet Secretary Rajiv Gauba said.

Gauba on Saturday had a video-conference with the Chief Secretaries of all States and Union Territories to review the implementation of the restrictions on travel and transport as well as the lockdown imposed across the country to contain the COVID-19 pandemic.

Though the Government earlier either evacuated or facilitated the return of nearly 28000 Indians from a number of foreign countries affected by the COVID-19 pandemic, it almost stopped doing so after the ban on arrival of international passenger aircraft was enforced on March 23 in the wake of the spurt in the number of COVID-19 cases in India.

Thousands of Indian students, tourists, professionals and others are stranded around the world, including in the countries, where respective governments had imposed lockdowns to contain the pandemic. They have been desperately requesting the government on social media to evacuate them.

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News Network
March 14,2020

Bengaluru, Mar 14: Infosys carried out evacuation at one of its satellite offices here on Friday after an employee came in contact with a suspected case of COVID-19, according to the company.

"We have taken a decision to evacuate one of our satellite buildings in Bengaluru as a precautionary measure, as one of our employees had been in contact with an individual with suspected COVID-19," the company said in its statement.

"Employees have been directed to work from home, and there is no impact on our client deliverables as a result of this temporary evacuation," it added.

On the other hand, Google also informed media on Friday that an employee at its Bengaluru office has tested positive for the COVID-19 and the firm has directed all its employees in that office to work from home as a precautionary measure.

"We can confirm that an employee from our Bangalore office has been diagnosed with COVID-19. They were in one of our Bangalore offices for a few hours before developing any symptoms. The employee has been on quarantine since then," Google had said in a statement. The search engine giant has asked colleagues who were in close contact with the employee to quarantine themselves and monitor their health.

The World Health Organisation (WHO) has declared the coronavirus outbreak a pandemic.

Coronavirus, which originated in the Wuhan city of China, has so far spread to more than 100 countries infecting over 1,20,000 people. India has reported two deaths and 82 confirmed cases of the deadly coronavirus.

The World Health Organisation (WHO) had declared the coronavirus outbreak a 'pandemic' and expressed deep concern.

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News Network
April 2,2020

The Ayodhya police booked a senior journalist on Wednesday for raising questions on Uttar Pradesh Chief Minister Yogi Adityanath's visit to the Ram Janmabhoomi for a religious ceremony amid the lockdown over the novel coronavirus pandemic.

The FIR mentions a tweet by Siddharth Varadarajan, editor of news portal 'The Wire', where he said: "On the day the Tablighi Jamaat event was held, Adityanath insisted a large Ram Navami fair planned for Ayodhya from March 25 to April 2 would proceed as usual and that 'Lord Ram would protect devotees from the coronavirus."

Varadarajan had clarified in another tweet that it was "Acharya Paramhans, Hindutva stalwart and head of the official Ayodhya temple trust, who said Ram would protect devotees from coronavirus, and not Adityanath, though he allowed a public event on 25/3 in defiance of the lockdown and took part himself".

Taking the suo-motu cognizance, Faizabad Kotwali police station incharge Nitish Kumar Shrivastava registered an FIR under sections 188 (disobedience to order duly promulgated by public servant) and 505(2) (statements conducing to public mischief) of the Indian Penal Code for doing "disreputable" comment against the chief minister.

Statement by the Founding Editors of The Wire: pic.twitter.com/frw5oRxw18

— The Wire (@thewire_in) April 1, 2020
Reacting to it, Varadarajan termed the FIR "politically motivated, saying that the offences invoked were not even remotely made out.

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