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
May 4,2020

Mangaluru, May 4: Bunder Shramika Sangha (BSS) general secretary B K Imthiyaz on Monday urged the district administration to restart Bengre ferry and passenger boat services as it has affected the wholesale market in Old Port.

A majority of the labourers engaged in loading and unloading at the wholesale market in Old Bunder hail from Bengre area. Without the ferry service, the labourers cannot come to work, said Imthiyaz.

He said no positive cases had been reported from Bengre area. Thus, the district administration should give permission for operating ferry services between 7 am and 12 noon. 

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
August 8,2020

Bengaluru, Aug 8: Former Karnataka Chief Minister HD Kumaraswamy on Saturday demanded that the state government drop its plan to provide doorstep delivery of liquor.

"After faltering in mopping up revenue, the state government is mulling over allowing doorstep delivery of liquor by enabling online sales and starting new MSIL liquor shops in rural areas. I demand that the state government drop its plans," he tweeted.

"I came to know that the excise commissioner is keen to hold talks with a private firm to enable online sale of liquor. The government should back out from such a foolish decision. Otherwise, agitation is inevitable," Kumaraswamy said.

He said opening new liquor shops or online delivery will ruin the health of society.

"Post-COVID outbreak and subsequent lockdown, people are facing financial distress, struggling to lead day-to-day life. 

The government must withdraw such an imprudent decision to deliver liquor at doorsteps. Opening new liquor shops or the decision of online delivery in times of distress like this will spoil society's health. 

It is not fair for the government to fill its coffers by robbing people's money," he said in a series of tweets.

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
February 1,2020

New Delhi, Feb 1: An extremist today fired shots at anti-CAA protesters at Shaheen Bagh in Delhi, just three days after another extremist fired at protesters at nearby Jamia Millia University. This is the second daylight shooting in which the police caught the man only after the shots were fired.

The man, apparently a fan of BJP leaders including Narendra Modi and Amit Shah, shouted "Jai Sri Ram" as he fired shots standing near police barricades put up at the south Delhi locality where hundreds of women and children have sat on the road in protest for more than a month. He was caught by the police. No one was injured. 

The shooter was also heard saying: "Humare desh mein sirf Hinduon ki chalegi aur kisi ki nahi (in our country only Hindus will prevail)." He had allegedly come to the area in an auto.

A witness said the man fired two-three times, standing right next to the police, not at the spot of the protest but close enough to a large crowd of unarmed men, women and children. 

"We suddenly heard gunshots. This person was shouting Jai Shri Ram. He had a semi-automatic pistol and he fired two rounds. The police were standing just behind him," said the witness, a volunteer at the protest.

"When his gun jammed, he ran. He tried to fire again, then tossed the gun into the bushes and tried to escape. Some of us and the police caught him, the police dragged him away," he added. Protesters questioned whether the police were more focused on keeping an eye on them rather than tackling crimes like this.

Police officer Chinmay Biswal said the man had fired shots in the air. "The man had resorted to aerial firing. Police immediately overpowered and caught him," he said.

This incident - the second shooting in Delhi at an anti-CAA protest -- has chilling similarities to the one that took place just two km away at Jamia university on Thursday, when a 17-year-old Class 12 boy from Uttar Pradesh fired a crude pistol at unarmed protesters with dozens of policemen behind him, watching. The teen, who left home claiming he was going to school, took a bus to Delhi intending to target Shaheen Bagh but landed at Jamia next-door after an auto-driver dropped him off there to avoid the traffic chaos.

The shootings have taken place in quick succession after controversial slogans of "Goli Maaro Sa***n Ko (shoot the traitors)" were chanted on Monday at a Delhi campaign rally of Anurag Thakur, the Union Minister of State for Finance, who was part of the team involved in Budget 2020 announced today.

Mr Thakur was banned from campaigning in Delhi for three days for egging on BJP workers to shout the "Goli Maaro" slogan.

Delhi Chief Minister Arvind Kejriwal slammed Home Minister Amit Shah, to whose ministry the Delhi Police reports to, over the two shooting incidents. "What have you done to our Delhi, Amit Shah ji? Bullets are being fired in broad daylight... Law and order is being criticised constantly. Elections will come and go, politics will keep happening, but for the sake of the people of Delhi, please focus on fixing law and order," he tweeted.

The Shaheen Bagh protest has attracted attention from across the country in the protests against the CAA or the Citizenship (Amendment) Act, which makes religion a criterion for citizenship. Critics say the law discriminates against Muslims as only non-Muslims from neighbouring Pakistan, Afghanistan and Bangladesh can become Indian citizens if they fled religious persecution and entered India before 2015.

Of late, critics of the Shaheen Bagh protests, mainly pro-CAA activists, have attacked the month-long sit-in on a key road in Delhi connecting to Noida. They say the protest has become a traffic nightmare for commuters.

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.