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.

Comments

Bettye
 - 
Saturday, 13 Feb 2016

Hello there, I discovered your site via Google even as searching for a similar matter, your website
came up, it seems good. I've bookmazrked
iit in my google bookmarks.
Hi there, simply tturned info alert to your weblog thru Google, and
founhd that it's really informative. I'm gonna wtch out for brussels.
I will be grateful in case youu continue this in future.
Maany other folks might be benefited from your writing.
Cheers!

Also visit my page ... self storage rapid city sd: http://farm4.static.beauvir.www.ww.w.isaev.info/?a%5B%5D=self%20storage…

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
August 4,2020

Bengaluru, Aug 4: Police barricades, yellow banners, walls with a fresh coat of paint and the sounds of bhajan mark parts of Ayodhya as the city awaits its big day Wednesday, when the first brick will be laid for the Ram temple.

Ayodhya is decked up for the bhoomi pujan that will be attended at the Ram Janmabhoomi by 175 people, who figure in a select guest list of seers and politicians topped by Prime Minister Narendra Modi.

Concerned over the spread of coronavirus, the authorities are encouraging others not to come to the temple town, asking them to mark the occasion by celebrating at their homes. The groundbreaking ceremony will be telecast live.

Roads leading to Ayodhya display hoardings with the picture of the proposed Ram temple and of Ram Lalla, the infant Ram, the deity now housed in a makeshift temple.

Around the town’s Hanumangarhi area – named after a well-known temple which Modi will visit on Wednesday – both police sirens and ‘bhajans’ in praise of Ram are heard.

Most of the shops in the locality wear a new look, with their fronts painted in bright yellow. A large number of policemen were deployed there on Tuesday. Some sat in the sweet shops, waiting for their next instructions.

Roads leading into the area are barricaded. Yards of yellow cloth and marigold garlands were being hung on poles.

Even on the day before the event, security checks on vehicles heading to Ayodhya begin from adjoining Barabanki district itself on the Lucknow-Ayodhya road. Policemen take down details, including mobile numbers of the travellers.

Senior Superintendent of Police Deepak Kumar said the focus of the force is on maintaining the Covid-19 protocol.

“So we are not going to allow any outsider to enter Ayodhya city,” he said. Prohibitory orders are also in force and not more than four people will be allowed to gather.

“The markets and shops will remain open but with strict adherence to the Covid protocol,” he said. Outsiders will be stopped from entering the city, but Ayodhya residents will be allowed in if they produce any identification document.

“We are also carrying out random checks on people living in Ayodhya to ensure that no outsiders are staying here,” he said.

The city’s temples and mosques will remain open, but no other religious event – except for the bhoomi pujan – will take place on Wednesday.

Pickets have been set up at sensitive points in the city.

Sub-inspector Ram Chandra Yadav and constables Avnish Kumar and Ankit Chaudhary man the Terhi Bazar Chauraha picket near the Ram Janmabhoomi site.

"We are here for the past some days, and were on duty on the Rakshabandhan day. Duty comes first and only after that come other things in life, like festivals," Yadav said.

Mayank Gupta, who runs a restaurant, was handing out food packets to policemen, his customers.

"For the last two months, I have been providing tiffin to them twice a day. There are around 100 policemen to whom I supply tiffin," Gupta said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 6,2020

Bengaluru, Jun 6: Karnataka Chief Minister B S Yediyurappa on Saturday said hotels and restaurants would be allowed to re-open, but the precautionary measures laid down by the Centre against coronavirus were mandatory.

The Chief Minister on Friday held a meeting with the tourism and transport department, also stakeholders, regarding revival of tourism in the state.

Hotels associations and transport companies have said they would follow the guidelines issued by the government, an official press release said here.

The Karnataka government had said it would go by the Centre's direction on opening religious places of worship, shopping malls, hotels, restaurants and other hospitality services on June 8.

Buses, hotels and taxi owners association placed some demands at the meeting, the release said, adding that Yediyurappa informed them that he would examine their demands and take appropriate decisions.

The Chief Minister also released a handout regarding the guidelines that need to be followed as the tourism department is opening hotels, guest houses and tourist destinations.

Deputy Chief Minister Laxman Savadi, Tourism Minister C T Ravi and senior officials of the department participated in the meeting.

The government had, on Thursday, said safaris, trekking, jungle lodges and resorts in areas that fall outside the COVID-19 containment zones can re-open provided they adhere to social distancing, hygiene as issued by the governments.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 11,2020

Mangaluru, Jun 11: City police on Thursday filed a 700-page chargesheet in connection with the arrest of Aditya Rao, 36, accused of planting an IED at Mangaluru International Airport on January 20.

The chargesheet said the bag placed near MIA entrance had a real bomb, as per the FSL report. The IED in the tin box was made of sulphur, ammonium nitrate, potassium chlorate and charcoal.

Rao, an engineer, who learnt bomb-making through online videos, had also placed a timer along with it and sharp objects such as nails and metals. However, he had not fixed wires to trigger a blast. “His intention was not to cause a blast but only to create a scare,” said sources.

The bomb was made in less than two weeks. However, it had taken Rao several days to procure raw materials. Police had completed the chargesheet process in April.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.