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India Doubles Import Taxes on GOLD/SILVER Bullion !!

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Anonymous Coward
User ID: 641429
7/6/2009 2:07 PM
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India Doubles Import Taxes on GOLD/SILVER Bullion !!

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India Doubles Import Taxes on Bullion to Raise Cash (Update3)

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By Thomas Kutty Abraham and Pratik Parija

July 6 (Bloomberg) -- India, the world’s biggest consumer of bullion, doubled import taxes on gold and silver as the government sought to raise funds to spend on roads and supply food grain to the poor at below market rates.

Purchases of gold bars will attract a duty of 200 rupees ($4.1) per 10 grams, while silver will be charged at 1,000 rupees per kilogram, Finance Minister Pranab Mukherjee said in his budget speech in parliament. Gold imported as jewelry or in any other form will attract a duty of 500 rupees per 10 grams.

The import levy may cool demand for jewelry in the South Asian nation, worsening the 55 percent drop in imports by the country in the first five months of this year. Gold has fallen 7 percent since breaching $1,000 in February.

“Imports were down 50 percent in the first half and now even the remaining demand will evaporate,” said Suresh Hundia, president of the Bombay Bullion Association, a group of traders and jewelers in Mumbai. “The government should have cut the tax to raise revenue by boosting imports.”

Gold for immediate delivery dropped 1 percent to $922.05 an ounce at 3:49 p.m. Mumbai time. August-delivery gold on the Multi Commodity Exchange of India Ltd. gained 0.3 percent to 14,513 rupees per 10 grams ($959 an ounce).

India bought 51.8 metric tons of gold in the January-to-May period, compared with 115 tons a year earlier, according to the trade body. Imports were 396 tons last year, the group said. The Levies were revised last in 2004, Mukherjee said today.

“The duty will certainly lower sales of jewelry makers,” said Rajesh Mehta, chairman of Rajesh Exports Ltd., a maker and seller of jewelry in India and abroad. “Sales were already down because of the recession and this will further hit us.”

Stocks Drop

Shares of Rajesh Exports fell 5.1 percent to 41.75 rupees in Mumbai trading. Gitanjali Gems Ltd., a diamond-jewelry retailer, dropped 4.8 percent to 103.2 rupees.

Prime Minister Manmohan Singh’s government is spending more to increase economic growth to 9 percent and reduce poverty in a nation where malnutrition is worse than Sub-Saharan Africa. That will push the country’s fiscal deficit to a 16-year high.

The government will borrow a record 4.51 trillion rupees ($93 billion) to fund budget spending on roads, power and aid for the poor. It wants to sustain growth rates of more than 9 percent to help reduce poverty. According to World Bank, 76 percent of Indians live on less than $2 a day, compared with 72 percent in the Sub-Saharan African nations.

“The government has let go an opportunity to help an industry that provide employment to so many people,” Mehta said. “Efforts should have been to give more incentives to the industry at a difficult time, rather than burden it.”

To contact the reporter on this story: Thomas Kutty

awthrawthr Subscriber

User ID: 719914
7/6/2009 11:01 PM

Re: India Doubles Import Taxes on GOLD/SILVER Bullion !!	Quote
No wonder silver dropped in price today! Together we can cure cancer - one person at a time! [link to www.snipurl.com]

Anonymous Coward
User ID: 316660
7/8/2009 7:13 PM

Re: India Doubles Import Taxes on GOLD/SILVER Bullion !!	Quote

Anonymous Coward
User ID: 811285
11/8/2009 12:30 AM

Re: India Doubles Import Taxes on GOLD/SILVER Bullion !!	Quote
I wonder if Bob Chapman conspiracy is true : IFM's gold were sold to India months ago !!

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