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
March 1,2020

Mangaluru, Mar 1: A youth lost his life in a lift crash at a wedding hall at Kallapu near Thokkottu on the outskirts of the city today. 

The deceased has been identified as Hamzah (30), a resident near Thumbay, who was part of the catering team hired for the marriage ceremony. 

The tragedy occurred at around 2 p.m. when Hamzah was getting ready to bring utensils and other things by lift from the third floor of the hall. All of a sudden, the lift’s ropes came loose and Hamzah lost his balance and got trapped inside.

He was pulled out and rushed to a hospital in Deralakatte, but he breathed his last on the way. He is survived by his wife and three children.

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Mbeary
 - 
Sunday, 1 Mar 2020

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April 7,2020

Kasaragod, Apr 7: The new COVID Hospital at the Kasaragod Medical College has started functioning, Chief Minister Pinarayi Vijayan said on Monday.

The new administrative block of Kasaragod Medical College was converted into a COVID-19 Hospital for providing better treatment facilities to the coronavirus patients, the Chief Minister said while addressing a press conference at the Government Secretariat.

Stating that the hospital was converted to a Corona Care Hospital in just four days, he said 200 beds and 10 ICU beds are now ready.

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May 1,2020

May 1: India on Thursday called as "propaganda" certain social media posts from the Arab world alleging harassment of Muslims in several parts of the country in the name of containing the spread of coronavirus.

Strongly rebutting the charges, External Affairs Ministry Spokesperson Anurag Srivastava said the Gulf countries are deeply committed to friendly relations with India and they are even seeking bilateral talks on the post-COVID-19 economic recovery.

Talking about India's close and traditional ties with the Arab countries, he said New Delhi is ensuring uninterrupted supply of food and essential commodities to the region during Ramzan as part of its deep-rooted friendship.

Srivastava said the countries in the region do not support any interference in India's internal affairs.

"Much of what you see is propaganda by interested parties. Stray tweets can not be used to characterise our bilateral ties with these countries. The real picture of these relations is very much different," he said during an online media briefing.

There has been a wave of angry reactions on Twitter by leading citizens and rights activists from various Arab countries following allegations that Muslims are being blamed for spreading COVID-19 in several parts of India.

The Organisation of Islamic Cooperation, a powerful bloc of 57 countries, recently accused India of "Islamophobia". India rejected the charges as regrettable.

"We have been making special efforts to ensure uninterrupted supply of food and essential commodities which are required during the Ramzan period in these countries, and this is something which has been greatly appreciated. These countries also want a priority discussion with India on the post-COVID-19 economic recovery," Srivastava said.

Prime Minister Narendra Modi and External Affairs Minister S Jaishankar have been in regular touch with their counterparts from the region in the wake of the coronavirus pandemic.

"In these discussions, there have been requests for sending medicines and medical teams to these countries. We already deployed a Rapid Response Team in Kuwait. There is also a request to send doctors and nurses from India," said Srivastava.

"What comes out clearly is that these countries are deeply committed to friendly relations with India. They also do not support any interference in internal matters of India. It is, therefore, important that the friendly and cooperative nature of our relations is accurately recognised and the misuse of social media is not given credence," he added.

Asked about reports of an order issued by Oman's Finance Ministry asking all state-owned companies to replace foreign workers with qualified local Omanis, Srivastava said it is not aimed at Indians working in the Gulf nation.

"The policy is a decades-old one and not specific to India. It does not target the Indians in any way," he said.

There have been apprehensions that the order will render thousands of Indians working in state-run firms in Oman jobless.

"They greatly value relationship with India. Government of Oman is taking special care of Indians which included free testing for coronavirus, its treatment, providing food," the MEA spokesperson said.

Oman government is also extending certain categories of visas of Indians.

Srivastava said India has been in touch with its friends and partners across the world as part of the collaborative approach to dealing with the pandemic.

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