Gold Price hiked Rs.500 per 10 Grams in Hyderabad Today due to Import Tax

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Government hikes import duty on gold, platinum to 6% today 21st January 2013. Due to this Gold Price has been hiked Rs.500 per 10 grams in Hyderabad today evening. This is a bad news for the gold ornament buyers.

24 Carats 10 Grams 30870 (morning) increased to 31400 (by evening)
 
22 Carats 10 Grams 30300 (after import tax news)


More News from Economic Times:

The government today hiked the import duty on gold and platinum to 6 per cent from 4 per cent with immediate effect - a move aimed at curbing imports of the precious metals to check the widening current account deficit.

"Government has decided to increase import duty on gold and platinum from 4 per cent to 6 per cent with immediate effect," Department of Economic Affairs Secretary Arvind Mayaram told reporters.

He further said the government will link Gold Exchange Traded Fund (ETF) with gold deposit scheme, which will enable mutual funds to unlock their physical gold and invest in gold- linked schemes offered by banks.

"The changes proposed to the Gold deposit scheme will make it attractive for individuals to deposit their idle gold with the banks under the Gold deposit scheme," Mayaram said.

He said the changes would help moderate import of gold and help in bridging the current account deficit (CAD).

Gold imports in 2011-12 amounted to USD 56.5 billion and in the current financial year, till December, they are estimated at USD 38 billion.

Comments

commodity tips said…
Telecom Minister Kapil Sibal is learnt to have approved levying of Rs 650crore penalty on BHARTI AIRTEL for violating roaming norms in 13 service areas between 2003 and 2005. An internal committee of Department of Telecom had alleged that Bharti Airtel had continued to route national and international calls as local calls (SLD) under a scheme till 2005 despite being told to stop it in 2003.

stock tips
equity tips

June 26, 2013 at 12:01 PM
Unknown said…
good post and useful piece of information thanks for the share


Todays gold rate in hyderabad
January 9, 2014 at 3:54 PM

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