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 16,2020

Bengaluru, May 16: The Karnataka government is expected to take a call on Monday on holding the Secondary Level School Certificate (SSLC) or class 10 examination, which were postponed due to COVID-19 lockdown.

Minister for Primary and Secondary Education S Suresh Kumar said there was a possibility that the state government may come out with a timetable on Monday. "We are holding a meeting regarding the SSLC examination," he told reporters here.

He also said there would be discussions on how to conduct the exams and precautionary measures to be taken in view of COVID-19.

"We have to make arrangements for masks, sanitisers and thermal scanners. We will set up a thermal scanner for a health check-up. We have to make separate seating arrangements for those having health issues. All these issues will be discussed on Monday," Kumar said.

The SSLC exams were supposed to commence from May 27 but due to the lockdown, it was postponed for an indefinite period.

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
February 20,2020

Bengaluru, Feb 20: Leaving the organisers of an event to protest against the CAA, NRC and NRP here red-faced, a young woman on Thursday reportedly raised "Pakistan Zindabad" slogan in the presence of AIMIM chief Asaduddin Owaisi, who denounced her action and asserted "we are for India".

The woman, identified as Amulya, allegedly asked people to shout with her "Pakistan Zindabad" after the organisers of the event under the banner of "Save Constitution" invited her to address the gathering soon after Owaisi came on the stage.

Soon Owaisi rushed to snatch the mike from her hands and was joined by others who tried to remove her from the state.

But the woman was adamant and raised the slogan again repeatedly. Later, the police stepped in and removed her from the dais.

Owaisi then addressed the gathering, saying he did not agree with the woman.

"Neither me nor my party has any link with her. We denounce her. The organisers should not have invited her here. If I knew this, I would not have come here. We are for India and we no way support our enemy nation Pakistan. Our entire drive is to save India," the AIMIM MP said.

JD(S) corporator Imran Pasha claimed she was planted by some rival group to disrupt the event.

The woman, he said, was not in the list of speakers and demanded that the police investigate the matter seriously.

Sources say Amulya hails from Chikkamagaluru and her parents have always been in the forefront of taking on government and its policies for well over a decade. 

As per local TV reports, the student was taken to Upparpet police station, but later shifted to an undisclosed destination for more questioning.

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
May 30,2020

Madikeri, May 30: Environmentalists have opposed the Karnataka Forest Department and the Public Works Department’s move to erect concrete pillars and marking of trees to construct a proposed road from Patti to Todikana within the Talacauvery Wildlife Sanctuary near Talacauvery in Kodagu District.

They have urged for immediate stopping of road works in a protected area.

In a letter to Conservator of Forests, Mysuru Circle, T Heeralal and DCF (Territorial and In-charge Wildlife) S Prabhakaran, the Trustees of Wildlife First K M Chinnappa and A A Poovaiah have termed the road works illegal and violates Supreme Court order on National Parks and Wildlife Sanctuaries.

The letter’s copy has also been sent to Principal Chief Conservator of Forests (Head of Forest Force), and Kodagu Deputy Commissioner urging them to halt the progress of the road works. “Patti and Todikana are at the core of the Talacauvery Wildlife Sanctuary and such unilateral activities without complete approval on completion of the statutorily mandated procedure (both under Forest Conservation Act and Wild Life Protection Act),” the letter stated.

The letter added that they would be forced to move the Courts and the officers who have given approval to the project would face legal consequences.

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.