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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Agencies
April 24,2020

New Delhi, Apr 24: The Central government said on Wednesday that the number of COVID-19 cases in the country is now doubling in every 10 days, adding that had the lockdown not been imposed on time, the number of cases would have sky-rocketed to over one lakh by now.

"Had we not taken the decision to impose nationwide lockdown, we would have had around one lakh COVID-19 cases by now. This is a reasonable estimate," said Niti Aayog member V.K. Paul.

Paul, who is also the Chairman of the government's Empowered Committee- 1, said the "cases are now doubling in every 10 days."

"As on March 21, our doubling time of cases was three days. Results started showing on March 23, due to travel restrictions imposed earlier. On April 6, further slowing of doubling rate became visible, thanks to the nationwide lockdown," he added.

He further added that the decision to impose the lockdown was timely and asserted that the curve has begun to flatten.

"Nationwide lockdown helped take us away from the exponential growth curve and thereby contain the growth of COVID-19 cases," he said.

Paul further added that surveillance has been a great strength in containing the spread of the virus.

"Besides containing the spread, augmenting testing and improving preparedness, the nation has brought about a massive behavioural change through a ‘Jan Andolan' (mass movement)," he said.

Meanwhile, the number of confirmed cases in the country has crossed the 23,000-mark, with 718 deaths. Globally, the number of cases has crossed 2.7 million while the death toll has mounted to 1.9 lakh.

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Agencies
June 6,2020

Ahmedabad, June 6: Rattled by resignations of three MLAs ahead of the June 19 Rajya Sabha polls, the Congress in Gujarat on Saturday shifted several of its legislators to resorts and bungalows near their constituencies to thwart any "poaching" bid, a party leader said.

With the resignations of Akshay Patel and Jitu Chaudhary on June 3 and that of Brijesh Merja on June 5, the Congress' strength in the 182-member House has been reduced to 65.

The effective strength of the House, however, stands at 172 as of now as ten seats are currently vacant - two due to court cases and the rest because of resignations.

While several MLAs from north Gujarat were shifted to a resort near Ambaji in Banaskantha district, those from south and Central Gujarat were moved to private bungalows in Anand, Congress spokesperson Manish Doshi said, adding that legislators from Saurashtra region were shifted to a resort in Rajkot.
 

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News Network
February 13,2020

New Delhi, Feb 13: Arvind Kejriwal wrote to Delhi Lieutenant Governor Anil Baijal on Wednesday, staking claim to form the government in the national capital, sources said, while hinting that the AAP might not invite senior leaders and chief ministers of other parties for the oath-taking ceremony.

The sources said it was the formal process by the AAP chief, who was elected as the legislature party leader earlier in the day, to stake claim for forming the new government.

Kejriwal, who returned to power in Delhi with a stunning poll victory on Tuesday, will take oath as chief minister for the third consecutive time on February 16.

While the oath-taking ceremony will be open to the public, the Aam Aadmi Party (AAP) was considering not inviting leaders and chief ministers of other parties as it did not wish to be seen as a "confrontationist" against the BJP-led Centre, the sources said.

They, however, added that the party was yet to take a decision on it.

The AAP has planned mobilisation of people for the mega event and all the newly-elected MLAs of the party have been asked to ensure huge participation from their constituencies.

"I request the people of Delhi to attend the oath-taking ceremony of the chief minister at the Ramlila Maidan in large numbers," senior AAP leader Manish Sisodia told reporters, adding that the ceremony will start at 10 am.

The AAP won 62 seats in the 70-member Delhi Assembly, while the Bharatiya Janata Party (BJP) bagged the remaining eight seats. The Congress drew a blank for the second consecutive time in the Delhi polls.

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