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
June 16,2020

Bengaluru, Jun 16: A woman employee at the Vikasa Soudha, next to Vidhana Soudha, the State Secretariat, was tested positive for COVID-19 on Tuesday.

Hence the authorities sealed the Food Department offices, which was in the ground floor of the building.

Employees of Vidhana Soudha and Vikasa Soudha were shocked after learning that one of their colleagues tested positive for the dreaded killer coronavirus.

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.
coastaldigest.com news network
June 23,2020

Mangaluru, Jun 23: The wholesale fresh fish dealers have voluntarily decided to suspend sale for 10 days from June 24 in the wake of fresh coronavirus outbreak in the region. 

Convening the collective decision of the traders in a letter, K Ashraf, working president of the association of Mangaluru fisheries harbour fish traders and commission agents, has urged the deputy commissioner to formally impose ban on fish trade in the city for next 10 days to prevent the spread of the covid-19. 

Mr Ashraf stated that decision was taken as many fish traders suffering from symptoms such as cough, cold and fever for last few days and some of the traders have got themselves admitted in hospitals for treatment. 

The letter urged the DC to prevent and ban unauthorized traders selling fish not only in Bander but also in neighbourhoods like Ullal Kotepur, Hoige Bazar, Bengre, Farangipet, near VRL, Kudroli, Kallapu and Maripalla. 
 

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.
coastaldigest.com web desk
June 30,2020

Ballari, June 30: A video clip of dead bodies of covid-19 victims being disgracefully thrown into a pit said to be in Karnataka’s Ballari has gone viral on social media triggering outrage from netizens.

Ballari Deputy Commissioner SS Nakul ordered a probe. He told media persons that the veracity of the video is still under question and that it still needs to be established if the video was taken in Ballari.

In the video, a pit is seen which appears to be disinfected. The video features masked men covered in body suits bringing dead bodies from a black hearse van in black body bags one by one and throwing the dead bodies into the same pit. In all, three dead bodies are thrown into the same pit in the video.

"We have assigned an Additional Deputy Commissioner (ADC) to enquire and verify the same. We are awaiting reports. We don't know yet if it (the video) is from Ballari or not," Nakul said.

The district which has so far reported around 800 cases in the last three months has also witnessed around two dozen deaths.

Twitterati on Tuesday raised questions about the handling of the bodies. "Even dead have some respect and they deserved a decent burial," said a social activist from Ballari. Similar reactions echoed on social media and some also pointed out on how the family members who have to stay away from burials feel about it.

Covid burial protocol

According to the protocol set by the Union Health Ministry for the burial of Covid-19 patients, the patients' orifices (nose, mouth and ears) have to be sealed and the body has to be wrapped in three layers of personal protective equipment (PPE). Thereafter it should be placed in a body bag. Family members should not be allowed to accompany the body in the hearse van. Covid-19 victims have to be given a deep burial. The grave should be minimum 10-feet deep.

The grave should be disinfected with bleaching powder and the area should be cordoned off so that the general public is not in the vicinity.  The vehicle used to transport the dead body of a Covid-19 victim -- ambulance or a hearse van -- has to be disinfected for 16 hours before being used again. Most Covid-19 victims in the state have had burials in the absence of family members as they are generally in quarantine for being the primary contacts of the patient.

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.