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
May 5,2020

Dubai, May 5: Saudi Arabian prosecutors have ordered the arrest of a Saudi citizen for insulting an Asian expatriate and abusing him for not embracing Islam.

A video went viral online showing the expat, apparently with little knowledge of the Arabic language, being insulated by an Arabic-speaking man who does not appear in the clip, for having not embraced Islam and for not fasting.

A monitoring centre affiliated with the public prosecution examined the video the content of which “shows the citizen’s use of abusive words against the Asian resident on the pretext of inviting him to Islam,” the prosecution source said.

“The public prosecution closely follows up whatever infringes rights of citizens and residents including harm to their dignity and legal rights regardless of pretexts of such infringement,” the source added.

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News Network
August 4,2020

Bengaluru,  Aug 4: Karnataka has seen a substantial increase in COVID-19 recovery rate, which was 5.67 per cent in the last week, state Medical Education Minister Dr. K Sudhakar said.

"Every day there is an increase in recovery rate which is higher by 9.17 per cent in Bengaluru city. The overall recovery rate of the state by Sunday evening was 42.81 per cent and it is 35.14 per cent in Bengaluru," the Minister wrote in a tweet.

Minister Sudhakar also directed officials to resolve the issue raised by a woman who had written to him about her struggle to take possession of the body of her father in St. Johns hospital, Madivala.

The hospital she claimed was charging money to hand over the body.

"It is inhuman on part of the hospital to refuse handover of the body. I came to know about this incident in the media and responded immediately to help out the woman," Dr. Sudhakar wrote in his tweet.

Karnataka has so far reported 74,598 active COVID-19 cases, according to the Ministry of Health and Family Welfare.

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January 21,2020

Bengaluru, Jan 21: Karnataka Chief Minister's political adviser MP Renukacharya has courted controversy yet again with his remarks targeting the Muslim community at a pro-CAA rally in Karnataka on Monday.

Addressing a rally in support of the new citizenship law, the BJP lawmaker accused Muslims of collecting weapons in mosques instead of praying. "There are few traitors who sit in a masjid and write fatwas. They collect weapons inside the mosque instead of praying. Is this why you want a Masjid," Renukacharya said on Monday.

Renukacharya said he won't hesitate to use the money allotted to Muslims for Hindus. "I will resort to such politics in my taluk where the money allotted for Muslims can be used for Hindus. I will put you [Muslims] in your place and show what politics is," said Renukacharya, who is a close aide of CM BS Yediyurappa.

This is not the first time a Karnataka BJP leader has made communal remarks targeting the minority community. Earlier, BJP MLA Somashekar Reddy had made controversial remarks at a pro-citizenship law protest in Ballari when he asked those opposing the Citizenship (Amendment) Act to think of the "consequences" if the majority community members hit the streets against them.

The MLA had said, "If you do any drama, then if 100 per cent people come, understand what will be your situation. Congress people are lying to you, believing them you are coming on streets. We are 80 per cent, you are 17 per cent, if we react, what will be your situation? Be careful," Reddy had said.

Following outrage, a case was filed against Somashekar Reddy for alleged provocative speech targeting those protesting against the amended citizenship law.

Comments

neshu mangalore
 - 
Tuesday, 21 Jan 2020

Hatred has no space in this world!!! these cheap politicians must show thier ways by the electing public .else conflicts never end .....Spread Peace..

 

God is watching!!!!

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