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
February 10,2020

Bengaluru, Feb 10: Senior Congress leader DK Shivakumar on Sunday hit out at the BJP and RSS for taking out a route march in Ramanagara against the controversial Jesus Christ statue.

“Just because the BJP won 25 seats in the Lok Sabha polls, Congress workers need not lose hope. If the Congress and JD(S) had worked out a better strategy, the BJP would not have won even 10 seats. We will correct our mistakes,” the former Congress minister said.

After the Lok Sabha polls, the BJP has failed to do well in assembly polls and has been losing power in many states. People are hitting the streets protesting against its policies such as CAA and NRC, he said.

Accusing the BJP and RSS of not being able to digest Congress’ victory in the Bengaluru Rural Lok Sabha segment in the 2019 Lok Sabha polls, he said that the BJP is trying hard to make inroads into the constituency represented by his brother D K Suresh. “Let them take out route march, we don’t care,” he said.

“We all know what the BJP did during the Lok Sabha elections, and the media reported how much money they spent in the elections. What was the Election Commission doing? Was the Income Tax Department sitting with its eyes closed? Why did they conduct raids only in Hassan, Shivamogga and Mandya districts,” he asked.

He alleged that false cases were slapped when him and other leaders, including H D Kumaraswamy, Siddaramaiah, G Parameshwara and Dinesh Gundurao.

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 26,2020

Bengaluru,  Mar 26: The nationwide lockdown in the view of coronavirus outbreak has driven some people to the edge. In Karnataka, within less than 24 hours, two cases of people creating trouble for police personnel have come to light.

On Wednesday, a middle-aged man was shot in his leg by the police after he tried to assault two police constables of Sanjaynagar police station. The police constables were identified as Manjunatha and Basavararaju.
The accused reportedly breached the check post at Bhoopasandra. He and his friends were over-speeding and performing stunts on bikes. When the policemen tried to secure them after giving them a chase, they attacked the cops.

When they were taken into custody, one of them again tried to escape and hurled stones and bricks on the cops. In order to prevent further assault, the police then fired two rounds – one in the air and the second one on his left leg.

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
January 2,2020

Bengaluru, Jan 2: Former chief ministers of Karnataka Siddaramaiah and H D Kumaraswamy on Thursday launched a scathing attack on Prime Minister Narendra Modi as he embarked on a two-day visit to the state attend events in Tumakuru and Bengaluru. In a series of tweets, the Congress and the JD(S) leaders took a dig at Modi for his alleged failure on various fronts.

"You did not visit Karnataka when it was devastated by floods, you did not visit Karnataka when our farmers cried for help, but all of a sudden, when you want to launch your political propaganda, you remember the innocent people of Karnataka. Wah Modi Wah!!" Siddaramaiah tweeted.

In another tweet, the Congress leader claimed Karnataka is starved of Central government funds as there were no adequate flood relief, no GST revenue loss compensation and there was a delay in the transfer of grant-in-aid.

He further said, "Before attempting to fool our people, let the people of Karnataka know when they will get their due share!" He also sought to know from Modi why the 25 MPs from Karnataka have 'turned off' their engines.

"With 25 MPs from BJP and a state government with BJP, people hoped for a double engine. Instead, all BJP representatives have turned off their engines and have become sycophants to play a tune to your idiosyncrasies. Why, are they scared of you?" Siddaramaiah said.

Seeking an explanation on various incomplete projects, the Congress leader said, "Mr Narendra Modi, people are fed up of your lies and double-edged sword comments. We want your answer today about long-standing questions on: Kalasa Banduri Yojana, Belagavi border issue, exams in Kannada, Tulu & Kodava in 8th schedule, the list goes on." Kumaraswamy too minced no words as he went on the offensive against the Centre.

In his tweets quoting newspaper reports, he said Karnataka's coffer has dried up, financial position is in doldrums and the revenue has plummeted.

"What's the reason (behind poor economic situation)? The poor economic policies of the Centre. After swallowing the GDP and development of the country, the wrong policies have affected the state too," alleged Kumaraswamy.

Quoting reports, Kumaraswamy said the Centre has denied the state's share of revenue.

"About 5.44 per cent of state's share is yet to come from the Centre. This is step-motherly attitude of the Centre towards the state," Kumaraswamy tweeted.

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.