Top News
Import duty hiked on 19 items including ACs, fridges to curb current account deficit
New Delhi, Sep 26 (IANS) A range of imported products including air conditioners, household refrigerators, washing machines and radial car tyres will get costlier with the government on Wednesday hiking the basic customs duty in a bid to curb the import of non-essential items to check the burgeoning current account deficit.
A notification that will be effective from the midnight of Wednesday was issued by the Revenue Department hiking the import duty on 19 items whose total value of import in 2017-18 was about Rs 86,000 crore.
This follows a high-level meeting with Prime Minister Narendra Modi last week in the light of the falling value of the rupee and the pressure on foreign exchange outgo in which it was decided to take five measures to curb the widening current account deficit by cutting non essential imports.
The import duty on air conditioners, household refrigerators and washing machines less than 10 kg has been hiked from 10 to 20 per cent.
The duty on compressors for air conditioners and refrigerators has been upped from 7.5 to 10 per cent while speakers and radial car tyres will attract a 15 per cent duty as against 10 per cent at present.
Footwear will now attract 25 per cent duty, 5 per cent up from 20 per cent while non-industrial diamond (other than rough diamonds), that is cut and polished diamond will attract 7.5 per cent as against 5 per cent.
The duty on diamonds — semi-processed, half-cut or broken — large grown diamonds and cut and polished coloured gem stones will go up from 5 per cent to 7.5 per cent while on articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal, will go up from 15 per cent to 20 per cent.
Imported speakers will attract a higher duty of 15 per cent, up by 5 per cent, while articles of goldsmith or silversmith wares and parts thereof of precious metal or of metal clad with precious metal will go up from 15 per cent to 20 per cent.
Plastic bath, shower bath, sinks and wash basins, articles of plastics for conveyance and packing, tableware, kitchenware and other household items of plastics, and miscellaneous items of plastics such as office stationery and decorative sheets will attract 15 per cent duty as against 10 per cent at present.
Trunks, suitcases, executive cases, briefcases, travel bags and other bags will attract 15 per cent duty as against 10 per cent at present, and aviation turbine fuel will go up from 0 per cent to 5 per cent.
–IANS
vv-vsc/bg
Top News
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.