Arab Today, arab today india raises tax on gold silver imports
Last Updated : GMT 06:59:21
Arab Today, arab today
Arab Today, arab today

India raises tax on gold, silver imports

Arab Today, arab today

Arab Today, arab today India raises tax on gold, silver imports

New Delhi - Arabstoday

India, the world\'s biggest consumer of bullion, increased import duties on gold and silver, potentially cooling demand from jewellery buyers and investors. The government began taxing gold bars and coins at an additional 2 per cent from yesterday, while silver attracts a 6 per cent levy, the finance ministry said on its website. Overseas purchases of gold were taxed at Rs300 (Dh21.74) per 10 grams and of silver at Rs1,500 a kilogram before yesterday. Imports Gold imports were already poised to drop 48 per cent in the first quarter as a decline in the rupee boosted prices and high borrowing costs cooled demand, Prithviraj Kothari, president of the Bombay Bullion Association, said on January 3. There won\'t be much impact on imports, he said yesterday. The higher taxes may help Prime Minister Manmohan Singh cut the fiscal deficit as slowing growth threatens to erode revenue. \"The government increased the duty probably to collect more revenue,\" said Kothari by phone. \"Prices will rise in the domestic market.\" Gold for delivery in February on the Multi Commodity Exchange of India jumped as much as 1.1 per cent to Rs27,778 per 10 grams yesterday. Futures gained 32 per cent last year after India\'s rupee slumped 16 per cent against the dollar. Purchases Gold importers pay about Rs540 per 10 grams as taxes from yesterday, Kothari said. India\'s gold imports dropped to 875-880 tonnes last year from 958 tonnes in 2010, while purchases may have fallen below 125 tonnes in three months ended on December 31 from 281 tonnes a year ago, according to the association. ‘Softening Demand\' \"We are already seeing softening of demand because of the high prices and this increase in duty will add to the pressure,\" Kishore Narne, head of research at AnandRathi Commodities Ltd., said by phone from Mumbai. \"Higher tax will help the government increase its revenue collection. If imports fall, the trade deficit will narrow. Either way it is positive for the rupee.\" The rupee was Asia\'s worst performer last year, reaching a record low of 54.305 a dollar on Dec. 15. The Reserve Bank of India boosted borrowing costs 13 times since the start of 2010 to cool inflation. Eye on increased revenue -    Rs300: levy on overseas gold purchases until yesterday -    1.1%: rise in gold futures for February delivery

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india raises tax on gold silver imports Arab Today, arab today india raises tax on gold silver imports

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Russia, Iran ink economic deals

GMT 08:03 2017 Wednesday ,29 March

Russia, Iran ink economic deals
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people

GMT 20:25 2017 Wednesday ,29 March

Bahrain Stock Index Drops 5.15 Points

GMT 20:19 2017 Wednesday ,29 March

US Stocks Rise on Consumer Data and Higher Oil Prices

GMT 17:51 2017 Wednesday ,29 March

Qatar Stock Index Gains 15.68 Points

GMT 12:54 2017 Wednesday ,29 March

Qatar Stock Index Gains 33.28 Points

GMT 12:08 2017 Wednesday ,29 March

Bahrain Bourse daily trading report

GMT 12:01 2017 Wednesday ,29 March

Bahrain Bourse holds 2016-2017 TradeQuest ceremony

GMT 10:52 2017 Wednesday ,29 March

Bahrain Bourse daily trading report
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 11:55 2017 Wednesday ,29 March

Need ‘gymspiration?’ The top fun fitness bloggers

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday