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 21,2020

Bengaluru , Mar 21: Karnataka Congress President DK Shivakumar exuded confidence that the party will return to power in the state and praised former chief minister Siddaramaiah's term.

"I am confident that we will come back to power. Everyone in the past has worked their best to build the party. Siddaramaiah being a full-term chief minister gave the best programs to Karnataka, his government's programs were the best of all time," Shivakumar said at a press conference on Friday.

He further assured his full support to anyone who wanted to work for the betterment of the party.

"Though I have become the state president of the party but I am still the worker of Congress and each of us should work for the party as ground workers. I am ready to give any kind of support to those who want to work for the party. We need to take all caste, communities along for the betterment of the party," he said.

Shivakumar was appointed the state Congress President on March 11, while Eshwar Khandre, Satish Jarkiholi, and Saleem Ahmed have been appointed working presidents of Karnataka Pradesh Congress Committee.

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satya vishwasi
 - 
Monday, 23 Mar 2020

First Tell your all MP & MLA s that if they wish to join BJP better join from now later  after getting elected from the congress they betray the voter, such hiddnen sangis from congress to be kicked out.

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News Network
January 20,2020

Bengaluru, Jan 20: The suspense over chief minister BS Yediyurappa expanding his council of ministers is set to continue until after he returns from his trip to attend the World Economic Forum (WEF) in Davos, Switzerland.

Yediyurappa, who heads a 10-member delegation to the Swiss ski resort, left on Sunday. Prior to his departure, he told reporters cabinet expansion will happen only after his return on January 24. “I discussed the issue with [BJP] national president Amit Shah for 30 minutes or so. He has given a positive response and I will expand the cabinet within two days after my return,” Yediyurappa said.

But sources said Shah, during his visit to Hubballi on Saturday, had indicated the exercise is likely to be delayed further as the central leadership will be busy with the assembly elections in Delhi. “Indications are there is no possibility of expanding the cabinet until February 11 when the electoral process for the Delhi elections ends,” said a source.

The development has obviously left ministerial aspirants, especially defectors from Congress and JD(S) who were re-elected on BJP tickets last month, restive. Moreover, while Yediyurappa has promised ministerial berths to all MLAs who switched to the BJP from Congress and JD(S), sources say Shah is only in favour of inducting six defectors (11 of whom won MLA seats on saffron party tickets in the byelections) into the cabinet.

“Shah’s advice to Yediyurappa is to strike a balance between defectors and loyalists. His concern is loyalists should not be left disappointed, while justice should be served to the defectors as well,” said a BJP functionary.

Meanwhile, KS Eshwarappa, senior party functionary and minister for rural development, said the BJP would never let down the defectors. “The party is indebted to them and I am sure they will all be rewarded,” he said.

BC Patil, one of the defectors, said some of them had met Shah in one-on-one meetings in Hubballi. “It was more a courtesy call and the issue of cabinet expansion didn’t come up during the meeting,” he said.

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April 18,2020

Bengaluru, Apr 18: Private unaided schools in the state that were demanding fees from parents in the name of online classes and taking online admissions will face action under Section 3 of the Epidemic Diseases Act 1897, the Karnataka government said.

The Department of Public Instructions has warned school management of action against such educational institutes if they violate the rules. Following complaints from several parents and also from private school management associations, Minister for Primary and Secondary Education S Suresh Kumar discussed the issue with officials from the department during a recent meeting and directed them to initiate action against such academies.

In a guideline issued on Saturday, the department said, "Schools can conduct online classes. But are not permitted to collect the fee from parents until further orders from the department."

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