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Considering review of import duty on gold: Official
New Delhi, Dec 1 (IANS) The government is considering a relook at the import duty on gold in order to curtail the arbitrage opportunities resulting from free trade agreements (FTAs) but without hurting the genuine requirement of business, Commerce Secretary Rita Teaotia said on Friday.
The top official’s observation comes in the wake of a surge in gold imports earlier this year from South Korea, which signed an FTA with India in 2010. In August this year, the Indian government responded by restricting imports of gold and silver items from South Korea.
“I think the real issue on why free trade agreements tend to be leveraged is the issue that we have been raising again and again and that is the import duty on gold. This is a matter that the Government of India is seized of,” Teaotia said at the Gold Summit here organised by the Gem and Jewellery Export Promotion Council.
“There are implications on both sides and I think we will have to work to come to some sort of balance on the duty issue. It certainly needs to be addressed because as long as there is arbitrage, there will be people who will try to game the system,” she said.
Gold imports from South Korea more than quintupled to $339 million between July-August this year over the same period last year.
On the issue of FTAs, Teaotia said that the government engages in consultations with stakeholders before entering into such agreements.
“I do want to make it very, very clear that there is a full fledged consultation with industry sectors before any single line is conceded in a trade agreement,” she said.
“The availability of gold has certainly been provided for through the nominated agencies, which, I believe, should address the requirements of the medium and small scale industries, who would need that because that is allowed to come in without the payment of 10 per cent duty.”
India is the world’s biggest consumer of gold, while the country’s annual exports of the yellow metal and gold jewellery is only to the tune of around $7 billion.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.