This Blog helps in disseminating FREE information related to Stock/Share Markets (domestic and overseas), Finance/Investments & Current Affairs. The content of this blog is for information purpose only - not recommendations, to Buy or Sell Securities.
The data used here, is derived from the sources, deemed to be reliable, but their accuracy and completeness is not guaranteed. The author is not responsible for any loss in investments made, based on the inputs provided here - 28th May, 2006.
If you are into IT/Software Sector or say in any sector and can bring overseas contracts (or any domestic business related to the software sector), with a stress on Digital Marketing/Content Writing/Website Development/Reputation Management/SEO/SMM, etc, then you can join me as a partner or associate.
We will give you, the business development portfolio and pay you handsome amounts for your efforts. It does not matter, in which part of the world you are, as long as you can bring businesses. If you are interested, please send me at mail at: firstname.lastname@example.org.
Wednesday, January 29, 2014
Finance ministry mulls 2% cut in gold import duty
[Editor: Yesterday, a brief report was sent to the Paid Members (and also those who are trading with my recommended brokerage houses), on the Jewellery (Gold) Companies, with recommendations to buy the best among them. I hope those who are with my brokerage house, have bought the scrip today, which closed with a gain of 2.46% on the BSE. Join my recommendation brokerage house and get assistance from me for free]
Wednesday, January 29, 2014: After twelve subsidised LPG cylinders, some cheer may come on the gold front soon. The finance ministry – which lacks fiscal ammo for big-bang pre-electoral giveaways – may still grant some reprieve to the country's middle-class. The ministry is planning a two per cent cut in gold import duty and review of duty hike last year on imported high end TVs.
A senior finance ministry official told dna, "The ministry is looking at a 2% cut in the gold import duty. A decision is likely to be taken within a month." With this, 8% duty will be imposed post the notification, down from the current 10%. As per an estimate, the price of the yellow metal will come down in the range of Rs 600 – Rs 800 per gram with the reduction.
In an another reprieve to the country's middle class, the finance ministry is also reviewing the ban on duty free imports of flat screen TVs by air travellers imposed in August last year at the height of the Rupee crisis. Import of LCD/LED/Plasma TV as part of free baggage allowance was banned beginning August 26 last year. Gold import duties were also jacked up at that time. The idea was to dis incentivise the 'luxury and unessential items'.
An import duty of 36.05% was imposed on these high end TVs. The official said, "It cannot be said at this point whether import duty on such products will be relaxed or simply be waived off. But it is being reviewed and a decision will be taken soon."
Experts, meanwhile, believe that the step is going to be a more political decision than economic decision. "The government and the Reserve Bank of India (RBI) seem to be comfortable on the current account deficit (CAD) front and that is why there could be a space for gold import duty cut. But we are still having a CAD, so this will be more a political decision than economic decision," said Abhishek Goenka, CEO, India Forex Advisors.
Interestingly, recently two key economy moves by the government have been prompted by the UPA's political masters. UPA chairperson Sonia Gandhi asked the government to 'review restrictions on gold' two days back. A week earlier Congress General Secretary Rahul Gandhi requested PM Manmohan Singh to take action on the LPG cylinder front. The petroleum ministry is likely to soon move a Cabinet note for increasing the cap on subsidised LPG cylinder from 9 to 12.
Meanwhile, the RBI on Tuesday said CAD in the current financial year is expected to remain below 2.5 per cent of GDP compared with 4.8 per cent a year ago.