s
Nidhi Land
   Matrimonial |  Properties |  Jobs |  Classifieds |  Ask Doctor |  Live TV |  Cartoon |  Sponsored Greetings |  Astrology  |   Red Chillies |  Tips for life |  Tribute |  Debate




      Search in

Thursday, June 06, 2013 8:55:38 AM (IST)  

Import duty on gold, platinum hiked to 8%

New Delhi, Jun 6 (PTI): With spiralling gold imports putting huge pressure on the current account deficit, government tonight hiked the import duty on the metal to 8 per cent, up by 2 per cent, in a bid to rein in demand.

"The import duty on gold has been increased from 6 per cent to 8 per cent," Revenue Secretary Sumit Bose told PTI.

The import duty on another precious metal platinum too has been increased to 8 per cent from 6 per cent.

The Finance Ministry has issued two notifications announcing "raising basic customs duty on gold and platinum from 6 per cent to 8 per cent and certain consequential changes immediate effect from June 5, 2013".

This is the second hike in the duty in six months as gold imports touched an alarming 162 tonnes in May. The imports touched a staggering figure of USD 15 billion in the last two months.

The hike is aimed at curbing import of gold which is mainly responsible for rise in CAD impacting on the country's foreign exchange reserves as well as the rupee value.

The CAD, which is a difference between inflow and outflow of foreign currency, touched a historic high of 6.7 of GDP in the quarter ending December 2012. It is likely to have reached in the range of 5 per cent during 2012-13, much above the RBI's comfort level of 2.5 per cent.

Worried over the deteriorating CAD position, the government had in January increased the import duty on gold from 4 per cent to 6 per cent.

The Finance Ministry's action to raise duty follows curbs announced by the Reserve Bank on import of gold by banks as well as other entities.

The additional import duty on gold ores and concentrates for use in the manufacture of gold has also been increased to 6 per cent from 2 per cent and on gold dore bar (gold content not exceeding 95 per cent) to 6 per cent.



Stay updated wherever you go with Daijiworld.com and Daijiworld 24X7 tv channel mobile apps.
CLICK HERE to download it for your device.
(available on Android and IOS)
 
Print this Article
Email this article to your friend
 
 
Write your Comments
 
News Title Import duty on gold, platinum hiked to 8%
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment
[Please limit your comments within 2000 characters]

You have characters left.
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.
 
Security Validation
Enter the characters in the image above
 
 
Published by Daijiworld Media Pvt Ltd Mangalore
Editor-in-chief : Walter Nandalike


Corporate Office :
Daijiworld Residency,
Airport Road, Bondel Post,
Mangalore - 575 008
Karnataka India
Telephone : +91-824-2982023
City Office :
First Floor,
Divya Deepa Arcade,
Bendorewell, Kankanady,
Mangalore - 575 002
Karnataka India
Telephone : +91-824-4259372
e-mail   General enquiry: office@daijiworld.com, News & Info : news@daijiworld.com

Disclaimer | Privacy Policy | About Us
Copyright 2001 - 2014. All rights reserved.
Our Franchise Offices
Kishoo Enterprises, Maithri Complex, 3rd Floor,
Udupi Service Bus Stand, Udupi, Karnataka. Pin 576101
Telephone : 0091-820-4295571
e-mail : udupi@daijiworld.com
Daijiworld Middle East FZE
P.O.Box: 84772, Dubai, UAE
Tel: 971-50-6597629  Fax: 971-4-2639207
Email: dubai@daijiworld.com