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Govt to raise import duty on luxury items & gold
Posted on: 13/Aug/2013 11:24:30 AM
Central government of India is looking after to make a raise in the import duty of luxury essential commodities and on gold in a chance to reduce to CAD ( Current Account Deficit) in the country. The government is taking all necessary actions to come out of the deficit and on its way it has given external commercial borrowing feasibility to MNC where Oil Companies under Public Sector could use this window borrowing.
The gold rate has been wrangling between 8 %. A bill on import duty under Custom Notifications will be presented in Parliament on Tuesday. Chidambaram said in Lok Sabha that CAD will remain to 3.7% so that it will touch $70 billion of GDP (Gross domestic product). The CAD was $88.2 billion last year which touched 4.8 %.
Chidambaram also said that the gold and oil imports are to drop down when compared to last year which will help in economy growth of $1.5 billion. He also termed that said liberalisation of ECB norms will make benefits to exchequer and RBI is going to release a circular to all MNC to make their funds through ECB. In making a deviation in currency market which will further help in stabilization of Indian rupee.
Indian rupee has all time low recording to 61.30 last Wednesday and closed to 61.28 on Monday which is a very much low of GDP in regard of dollar.
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