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.
Discrimination faced by Mumbaikars...
If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.
Thursday, March 06, 2014
India Jewelers to Protest Gold Import Curbs
Only Hope for the Gem & Jewelry Sector
New Delhi, March 6, 2014—India's gem and jewelry industry would launch a one-day strike next Monday to protest against a government clampdown on gold imports that has hurt sales and threatened the livelihood of thousands of poor artisans.
The government has raised the import tax on gold to 10% from 2% in 2012 and mandated that importers keep aside 20% of any imported gold for re-export. Gold supplies in India, which imports nearly all of its gold needs, have virtually dried up as a result.
The one-day strike by the industry is the first since jewelers went on a 20-day strike in March 2012 when the government had doubled the import tax and imposed a tax on manufacture of jewelry.
"We want the harassment by government agencies to end," said Surendra Mehta, secretary of India Bullion and Jewellers Association Ltd, a leading industry body. "The government should reduce the customs duty and speedily clear the imported gold."
While the restrictions have helped to bring down the current-account deficit by reducing supplies, but the country has lost its position as the top gold consumer to China last year.
Indian industry officials say that in particular the rule on setting aside 20% of any imported gold for re-exports has hurt supplies as the government doesn't have sufficient warehouse and other infrastructure required for regulation.
"We demand that the government should review this rule at once as our business is down by 90%," said Mr. Mehta. "Otherwise, we won't be able to sustain in the jewelry business."
The rule on re-exports was introduced in August, days after the import tax was raised.
"There is a gold control regime now in place. It has pushed back the industry by 50 years," said Haresh Soni, chairman of All India Gems and Jewellery Trade Federation.
Indian officials have also started verifying gold stocks of traders to ensure their inventories match bank records, a move that has compounded red tape for the industry.
Mr. Soni said jewelry artisans have started leaving the local industry and migrated to Singapore and Dubai in search of employment.
He said the government ought to place curbs on things such as luxury cars rather than solely target the gold industry.
Finance Minister P. Chidambaram has hinted that the government would review the current restrictions on gold imports, but no concrete measures have come through. India's current-account deficit is estimated to have more than halved to around $31 billion during the first nine months of this financial year.
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