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.
Agencies
June 30,2020

Washington, Jun 30: Researchers in China have discovered a new type of swine flu that is capable of triggering a pandemic, according to a study published Monday in the US science journal PNAS.

Named G4, it is genetically descended from the H1N1 strain that caused a pandemic in 2009.

It possesses "all the essential hallmarks of being highly adapted to infect humans," say the authors, scientists at Chinese universities and China's Center for Disease Control and Prevention.

The researchers then carried out various experiments including on ferrets, which are widely used in flu studies because they experience similar symptoms to humans -- principally fever, coughing and sneezing. 

G4 was observed to be highly infectious, replicating in human cells and causing more serious symptoms in ferrets than other viruses.

Tests also showed that any immunity humans gain from exposure to seasonal flu does not provide protection from G4.

According to blood tests which showed up antibodies created by exposure to the virus, 10.4 percent of swine workers had already been infected.

The tests showed that as many as 4.4 percent of the general population also appeared to have been exposed.

The virus has therefore already passed from animals to humans but there is no evidence yet that it can be passed from human to human -- the scientists' main worry.

"It is of concern that human infection of G4 virus will further human adaptation and increase the risk of a human pandemic," the researchers wrote.

The authors called for urgent measures to monitor people working with pigs.

"The work comes as a salutary reminder that we are constantly at risk of new emergence of zoonotic pathogens and that farmed animals, with which humans have greater contact than with wildlife, may act as the source for important pandemic viruses," said James Wood, head of the department of veterinary medicine at Cambridge University.

A zoonotic infection is caused by a pathogen that has jumped from a non-human animal into a human.

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
March 11,2020

New Delhi, Mar 11: In the wake of the ongoing political crisis in Madhya Pradesh, Puducherry Chief Minister V Narayanasamy on Wednesday said that Bharatiya Janata Party is using Jyotiraditya Scindia to usurp power in the state and that the former Congress leader has "fallen into the trap."

"#BJP is enacting the strategy the way they did in #Karnataka. It is murder of democracy #JyotiradityaScindia has fallen into the trap. He will realise the himalayan blunder very shortly. BJP after using #Scindia will through (throw) him out. I am confident Shri Kamalnath prove majority," he tweeted.

The Chief Minister's comments came at a time of political turmoil in Madhya Pradesh after Scindia and 22 MLAs resigned from the party on Tuesday.

Scindia is likely to join the BJP today.

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
May 22,2020

Mangaluru, May 22: Following requests from Kannadiga entrepreneurs in Kingdom of Saudi Arabia and persistant efforts of former deputy chairperson of the NRI Forum of Karnataka government Dr Arathi Krishna, the government of India has finally approved the repatriation of stranded Indian expatriate workers amidst prolonged covid-19 lockdown through chartered flights arranged by their employing companies particularly in Gulf region and elsewhere. 

The government has also issued a Standard Operation Protocol (SOP) to be followed to be followed by those who hire the flights. The government's nod will not only allow repatriation of larger number of citizens, who are on wait-lists, but also allows private airlines to get their aircraft, crew, and operational staff actively working again in preparation for resumption of scheduled flights. 

Zakaria Jokatte, CEO of Al-Muzain Est. and K S Sheik, Director of Operations at Expertise Contracting Co. Ltd - both Mangalurean entrepreneurs in Saudi Arabia - were among those who had sought permission to hire chartered flights for the immediate repatriation of their hundreds of employees. 

The NRI entrepreneurs in Gulf have thanked Dr Arathi Krishna for continuously persuading the authorities concerned to issue green signal for the operation of chartered flight at a time when there were only a few scheduled flights under Vande Bharat Mission. 

Welcoming the move Dr Arathi Krishna told coastaldigst.com that Indians stranded in any foreign country can utilize this facility. "Initially, I was approached by Mr Zakaria and Mr Sheik who wanted chartered flights to help their employees fly back to India. I asked them to write to the Indian Ambassador in Saudi Araia Mr Ausaf Sayeed. Then I requested the ambassador to forward the request to Joint Secretary Dr Nagendra Prasad, who is in charge of gulf division in the Ministry of External Affairs, and then to Secretary on charge of Gulf and then I requested Secretary of Economic Relations Mr T S Tirumurti who was also in charge of Gulf to follow this up," she said. 

"There were similar requests for chartered flights from African countries too. Then I persisted officers constantly to take it up to the Foreign Secretary Harsh Vardhan Shringla and Civil Aviation Minister Hardeep Singh Puri and now all the people requesting this from Saudi Arabia have got confirmation from the ministry and communicated by embassy to those who had requested for the chartered flights," she 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.