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
January 26,2020

Kozhikode, Jan 26: The Indian national flag was unfurled at around 10,000 mosques and religious institutions across Kerala on the auspicious occasion of 71st Republic Day on Sunday.

"The national flag was unfurled at around 10,000 mosques across the state on this auspicious occasion as per the instruction of the Waqf Board," Secretary of the Kuttiady Juma Masjid Committee, K Basheer, told media here.

He said that the national flag was also unfurled at the Kuttiady Juma Masjid here as per the instructions.

"Constitution is under threat by the Citizenship Amendment Act, we also read the preamble of the Constitution in solidarity," Basheer said.

Meanwhile, a majestic event was held in the national capital on the occasion of Republic Day.

Comments

kUMAR
 - 
Sunday, 26 Jan 2020

Welcome news.  But i dont think any of sanghi shakhas have hoisted our national flag on this occasion.  I didnt see a single picture in any media or newspaper.   

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coastaldigest.com news network
June 28,2020

Mangaluru, June 28: In his apparent bid to win the hearts of the people of Tulu Nadu while leaving this coastal city, Dr P S Harsha, the outgoing Mangaluru city police commissioner, today took to social media and thanked the people. The language he chose for his prolonged Facebook post and one paragraph tweet was Tulu.

“Loveable people of Kudla! I have received the transfer order after serving as the Commissioner of Police of Mangaluru City for 11 months. (During this period) I worked with utmost honesty and pro-people approach with the complete cooperation of my department. I wholeheartedly thank all those who supported me,” tweeted Dr Harsha, who is now posted in Bengaluru as the Deputy Inspector General and Commissioner of Information and Public Relations.

In his Facebook post, Dr Harsha claimed that thanks to his initiative “My Beat My Pride”, the policing in the coastal city has strengthened. 

“My only intention was to put an end to rowdyism and illegal activities. I had given priority to curb the drug mafia. ‘My Beat My Pride’ became a successful initiative thanks to public support,” he said. 

The IPS officer went on to claim that with the with the co-operation of the senior officers, the police department managed to efficiently handle situations during anti-CAA and pro-CAA agitations in the city, detection of explosives at Mangaluru International Airport and also during the covid-19 pandemic. 

However, he did not mention about the death of two people in random police firing following a baton charge during anti-CAA protests in the city on December 19.

Comments

MP
 - 
Tuesday, 30 Jun 2020

power is not permenant. 2 innocents were killed in mangalore,  if it was in USA the cop would have been in jail.

 

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coastaldigest.com web desk
March 2,2020

New Delhi, Mar 2: The bloodthirsty arsonists allegedly hired by pro-CAA politicians in the capital of India to target Muslims, did not spare even the house of a Muslim leader of BJP.

Akhtar Raza, the BJP’s minority cell vice-president for the Delhi Northeast district, is now not in a position to share his pain with anyone. 

Even the police hadn’t come to his rescue, when the mob raising “Jai Sri Ram” slogans burnt down his house at Bhagirathi Vihar Nalla Road in northeast Delhi last week. 

“They were chanting slogans. Around 7pm, they started throwing stones at us. I called for police help. But the police asked me to leave. We managed to flee before they burnt my house and destroyed everything,” Raza, who returned today to witness the destruction, told media persons. 

“Those who attacked us were not locals. They were outsiders. They managed to identify and burn down all the 19 houses belonging to Muslims in this lane,” Raza said.

Apart from all the belongings in the house of Raza, the arsonists also have burnt down six vehicles belonging to his family. 

Raza is sad that no one from BJP contacted him after the violence even though he has been serving the party and promoting its ideology for past five years. “No party leader contacted me. There was no phone call. There was no relief or special treatment or anything,” Raza said.

Interestingly, Raza is still indentifies himself as a BJP leader. “I belonged to BJP. I may continue in the party,” he said.

The locality remained tense on Sunday too. On Monday, several groups distributed relief materials among people who had queued up to collect them. In front of Raza’s house is a lane from which several bodies of innocent Muslims have been recovered.

Comments

Fairman
 - 
Monday, 2 Mar 2020

He deserves it.

How  a Muslim and being a leader can  accept ideologies of such a hat mongers.

 

These people with such a ideolgies can never be the friend of not Muslims and  also good secular Hindus.

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