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
January 1,2020

Thiruvananthapuram, Jan 1: Kerala chief minister Pinarayi Vijayan on Wednesday said that the resolution passed by the Kerala Assembly is against the "unconstitutional Act passed by the Centre".

"The resolution passed by Kerala Assembly is against the unconstitutional Act passed by the Centre. It has been noticed by the whole country," Vijayan said.

The Kerala Assembly had on Tuesday passed a resolution seeking withdrawal of the Citizenship (Amendment) Act, 2019.

Before the resolution was passed against the Act, Vijayan in a special Assembly session targeted RSS and said that citizenship law is part of an agenda.

"The CAA is part of an agenda. Muslims are being considered as internal enemies by RSS, who is controlling the ruling dispensation at the Centre," he alleged.

The new law grants citizenship to Hindus, Sikhs, Jains, Parsis, Buddhists and Christians fleeing religious persecution in Pakistan, Afghanistan and Bangladesh who came to India on or before December 31, 2014.

Meanwhile, on Wednesday while talking about women safety, the Chief Minister said, "Those women, who are traveling face many problems, particularly regarding accommodation. To address this, government will start accommodation facilities in all towns. This project will be implemented with the help of local bodies."

Reacting to the development in the Kerala Assembly, BJP leader Mukhtar Abbas Naqvi said that Assembly has insulted the Constitution and parliament by passing a resolution seeking withdrawal of the Citizenship Amendment Act (CAA).

"The Constitution has delineated clearly the roles of parliament and state legislatures. When people who have taken an oath of the constitution, destroy it, it is a most irresponsible act. Both the houses of parliament have passed CAA and if a state assembly tries to hijack the Act it is an insult not only of the constitution but the parliament as well," Naqvi told news agency.

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abdulla
 - 
Thursday, 2 Jan 2020

Dear scape goat Naqvi, dont try to fool us.   I know you are a liar as you are int he company of liars.  MPs are taking oath to respect and safeguard indian constitution and not to disrespect it and go agaisnt the teachings of constitution.  What Central Govt has done is 100 perent agaisnt the constitution and every citizen has the right to oppose this.   You are definately go with the Govt as you are paid for it.   But dont force other too to follow you.  What Kerala Govt has done is according to will of people and Central Govtr should respect it.   

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News Network
July 10,2020

Bengaluru, Jul 10: Alarmed by the surging COVID-19 cases across the state, especially in Bengaluru, Karnataka Chief Minister BS Yediyurappa on Thursday urged the state capital’s residents not to visit their villages to prevent the infection’s spread.

“I urge the people of Bengaluru not to travel to their villages and prevent the infection from spreading in rural areas,” Yediurappa told reporters.

Admitting that the battle against the virus would be long, he said that the fight against COVID-19 could be won only through persistent efforts and with people’s cooperation with the frontline ‘warriors’.

“Combating the pandemic through preventive measures, providing treatment to the infected and saving lives are our priority,” he said.

With a record 2,228 positive cases on Thursday, the southern state’s COVID-19 tally shot up to 31,105, including 17,782 active cases, while 457 people have died of the infection till date, 17 just in the last 24 hours.

Of the new cases in the state, Bengaluru accounted for 1,373, taking its tally to 13,882, including 10,870 active, while 177 have succumbed to the virus since March 9.

No deaths were, however, reported in the city on Thursday.

Of the 457 patients in intensive care units (ICU) across the state, 292 are in Bengaluru hospitals.

Since unlock began on June 1, COVID-19 cases shot up to 15,242 on June 30 from 3,221 on May 31 and to 31,105 in 9 days since July 1.

Similarly, in Bengaluru, positive cases shot up to 4,555 on June 30 from 358 on May 31 and rose to 13,882 in 9 days since July 1.

The Chief Minister also appealed to all legislators of the ruling and opposition parties to give priority to contain the disease in their Assembly segments.

“Visit the COVID-19 designated hospitals and inspect if the required facilities are in place and bring any shortcomings to our notice,” the CM said

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News Network
March 28,2020

Bengaluru, Mar 28: Karnataka government on Saturday launched a food helpline number --155214-- for the labourers who have been affected due to lockdown imposed by the central government to prevent the spread of the coronavirus.

This came after Prime Minister Narendra Modi had on Tuesday announced a 21-day lockdown in the entire country effective from midnight to deal with the spread of the coronavirus, saying that " social distancing" is the only option to deal with the disease, which spreads rapidly.
Similarly, other states including Delhi have started both official and non-official helpline numbers for necessary assistance.
Both the government institutions and social organizations are contributing together in the fight against coronavirus during the lockdown.
According to the Ministry of Health and Family Welfare (MoHFW), there are 918 confirmed cases of coronavirus cases in the country and 19 fatalities have been reported.

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