Control your lust for gold, says PC

March 2, 2013

gold

New Delhi, Mar 2: Finance Minister P Chidambaram has appealed to people not to buy so much gold, a day after his 2013-14 Budget surprised traders by keeping gold import duty unchanged at 6 per cent.

But Chidambaram, who is trying to rein in imports by the world’s biggest bullion buyer to curb a record current account deficit, told CNBC television on Friday that the duty was not yet high enough to increase smuggling.

“I’m hoping that the people of India will heed my appeal and not demand so much gold,”

Chidambaram said.

Traders had expected a rise in duty to 8 per cent in the Budget, after a 50 per cent hike on January 21 from 4 per cent was neutralised by the falling global prices.

Chidambaram said on Friday the higher import duty had “brought down gold imports to some extent.”

But, traders said buying actually picked up after a more than 2 per cent drop in prices triggered by a strong dollar.

“After the import duty, prices went down by Rs 3,000 and that spurred buying,” said Kumar Jain, vice-president of the 12,000-member Mumbai Jewellers Association.

Indians imported 860 tonnes of gold in 2012, down just 11 per cent from a year earlier, despite record high prices in the second half.

Raising the duty too much risks encouraging illegal import of gold. But Chidambaram said he did not think the taxes were high enough for that yet.

“There is a point at which more duties will only tempt people to indulge in more smuggling. I don’t think we have reached that point yet,” he added.

Gold is second only to essential crude oil in the import bill of Asia’s third-largest economy.

Chidambaram said ways to tackle the current account deficit, which hit 5.4 per cent of the gross domestic product in the July to September quarter, were by encouraging domestic production and boosting exports.

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News Network
June 6,2020

New Delhi, Jun 6: Military commanders of India and China are scheduled to meet today at Moldo on the Chinese side of the Line of Actual Control (LAC), to discuss the ongoing dispute along the LAC in Eastern Ladakh.

The Commander of the Leh-based 14 Corps of the Indian Army Commander Lieutenant Gen Harinder Singh will meet his Chinese equivalent Maj Gen Liu Lin, who is the commander of South Xinjiang Military Region of Chinese People's Liberation Army (PLA) to address the ongoing tussle in Eastern Ladakh between the two countries over the heavy military build-up by the People's Liberation Army along the LAC there.

The two sides have held close to a dozen rounds of talks since the first week of May when the Chinese sent over 5,000 troops to the LAC.

On Friday, officials of India and China interacted through video-conferencing with the two sides agreeing that they should handle "their differences through peaceful discussion" while respecting each other's sensitivities and concerns and not allowing them to become disputes in accordance with the guidance provided by the leadership.

In the last few days, there has not been any major movement of the People's Liberation Army troops at the multiple sites where it has stationed itself along the LAC opposite Indian forces.

India and China have been locked in a dispute over the heavy military build-up by the People's Liberation Army (PLA) where they have brought in more than 5,000 troops along with the Eastern Ladakh sector.

The Chinese Army's intent to carry out deeper incursions was checked by the Indian security forces by quick deployment. The Chinese have also brought in heavy vehicles with artillery guns and infantry combat vehicles in their rear positions close to the Indian territory.

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News Network
January 7,2020

New Delhi, Jan 7: A fringe right-wing group calling itself the Hindu Raksha Dal has purportedly taken responsibility for the attack on students of Jawaharlal Nehru University (JNU) in a video posted on social media.

The video, which was posted on social media on Monday and has gone viral since then, shows a man identifying himself as Pinki Chaudhary saying that those who resort  to “anti-national activities” will be treated in the same way that JNU students and faculty were.

He later told news channels that others involved in "anti-national activities" would face similar attacks.

There was no immediate reaction from the police on Chaudhury's claims.

“For several years, JNU has been a bastion of communists and we will not tolerate it. Hindu Raksha Dal, Bhupendra Tomar, Pinki Chaudhury take the responsibility of what has happened in JNU...all of them were our volunteers. Those who cannot do such work for Mother India don't have the right to live in this country,” Chaudhary is seen saying in the video.

“We are always ready to sacrifice our lives for Mother India. We will not tolerate anyone who speaks against the religion,” he added.

Efforts to reach the man were unsuccessful: his phone was switched off.

More than 35 students were injured Sunday when a masked mob went on the rampage, attacking students and professors and vandalising property. The JNUSU has accused the RSS-affiliated ABVP volunteers of attacking the students.

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Agencies
July 6,2020

New Delhi, Jul 6: The Indian Academy of Sciences, a Bengaluru-based body of scientists, has said the Indian Council for Medical Research's (ICMR) target to launch a coronavirus vaccine by August 15 is "unfeasible" and "unrealistic".

The IASc said while there is an unquestioned urgent need, vaccine development for use in humans requires scientifically executed clinical trials in a phased manner.

While administrative approvals can be expedited, the "scientific processes of experimentation and data collection have a natural time span that cannot be hastened without compromising standards of scientific rigour", the IASc said in a statement.

In its statement, the IASc referred to the ICMR's letter which states that "it is envisaged to launch the vaccine for public health use latest by 15th August 2020 after completion of all clinical trials".

The ICMR and Bharat Biotech India Limited, a private pharmaceutical company, are jointly developing the vaccine against the novel coronavirus -- SARS-CoV-2.

The IASc welcomes the exciting development of a candidate vaccine and wishes that the vaccine is quickly made available for public use, the statement said.

"However, as a body of scientists including many who are engaged in vaccine development IASc strongly believes that the announced timeline is unfeasible. This timeline has raised unrealistic hope and expectations in the minds of our citizens," it said.

Aiming to launch an indigenous COVID-19 vaccine by August 15, the ICMR had written to select medical institutions and hospitals to fast-track clinical trial approvals for the vaccine candidate, COVAXIN.

Experts have also cautioned against rushing the process for developing a COVID-19 vaccine and stressed that it is not in accordance with the globally accepted norms to fast-track vaccine development for diseases of pandemic potential.

The IASc said trials for a vaccine involve evaluation of safety (Phase 1 trial), efficacy and side effects at different dose levels (Phase 2 trial), and confirmation of safety and efficacy in thousands of healthy people (Phase 3 trial) before its release for public use.

Clinical trials for a candidate vaccine require participation of healthy human volunteers. Therefore, many ethical and regulatory approvals need to be obtained prior to the initiation of the trials, it added.

The IASc said the immune responses usually take several weeks to develop and relevant data should not be collected earlier.

"Moreover, data collected in one phase must be adequately analysed before the next phase can be initiated. If the data of any phase are unacceptable then the clinical trial is required to be immediately aborted," it said.

For example, if the data collected from Phase 1 of the clinical trial show that the vaccine is not adequately safe, then Phase 2 cannot be initiated and the candidate vaccine must be discarded.

For these reasons, the Indian Academy of Sciences believes that the announced timeline is "unreasonable and without precedent", the statement said.

"The Academy strongly believes that any hasty solution that may compromise rigorous scientific processes and standards will likely have long-term adverse impacts of unforeseen magnitude on citizens of India," it said.

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