Duty-free import limit of jewellery via passengers raised

[email protected] (Naeem Siddeeq)
February 28, 2013
New Delhi, Feb 28: To prevent harassment to passengers, the government on Thursday proposed increasing the limit of duty-free import of jewellery via passenger baggage to Rs 50,000 for males and Rs 1,00,000 for females. The rule has been amended for Indian passenger who has been residing abroad for over an year or a person who is transferring his residence to India.

"Gold prices have risen since (1991), and passengers have complained of harassment. Hence, I propose to raise the duty-free limit to Rs 50,000 in the case of a male passenger and Rs 1,00,000 in the case of a female passenger, subject to the usual conditions," Finance Minister P Chidambaram said in his Budget speech for 2013-14 fiscal.

goldjewl

Since 1991, the passenger limit for bringing jewellery has been Rs 10,000 for males and Rs 20,000 for females. The limit of duty free allowance for bringing jewellery for crew member of vessel and aircraft has also been enhanced from Rs 600 to Rs 1,500.

With regard to import of precious stones and gems by traders, the government proposed reduction in import duty from 10 per cent to 2 per cent on pre-forms of precious and semi-precious stones. However, import duty on gold was not enhanced from the current level of 6 per cent, giving some respite to jewellery industry.

But to discourage people to invest in gold and thereby curb current account deficit, the government offered incentives for first home buyers and announced new financial instruments for protecting savings from inflation. Emphasising that household sector must be incentivised to save in financial instruments rather than buy gold, Chidambaram proposed three-pronged strategy to encourage people to park their funds in other financial schemes.

Firstly, the Rajiv Gandhi Equity Savings Scheme will be liberalised to enable the first time investor to invest in mutual funds as well as listed shares and she can do so, not in one year alone, but in three successive years. The income limit will be raised from Rs 10,00,000 to Rs 12,00,000.

Secondly, a person taking a loan for his first home from a bank or a housing finance corporation upto Rs 25,00,000 during the 2013-14 fiscal will be entitled to an additional deduction of interest of upto Rs 1,00,000. "This will promote home ownership and give a fillip to a number of industries like steel, cement, brick, wood and glass besides jobs to thousands of construction workers," he said.

Thirdly, Chidambaram announced, "In consultation with RBI, I propose to introduce instruments that will protect savings from inflation, especially the savings of the poor and middle classes. These could be Inflation Indexed Bonds or Inflation Indexed National Security Certificates." The structure and tenor of the instruments will be announced in due course, he added.

India, the world's largest consumer of gold jewellery, is estimated to have imported 750 tonnes of gold in 2012 and an additional 200 tonnes was believed to have been imported through unofficial channel, taking the total to almost 2011 level of 969 tonnes.

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News Network
September 24,2024

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The Karnataka High Court on Tuesday dismissed the petition filed by Chief Minister Siddaramaiah against Governor Thawarchand Gehlot's decision to sanction the complaint and investigation against him in the alleged Mysore Urban Development Authority (MUDA) scam case.

Justice M Nagaprasanna said the facts narrated in the petition would undoubtedly require an investigation.

The court has also said that the Governor's order approving sanction to investigate against Siddaramaiah under section 17A of the Prevention of Corruption Act does not suffer from application of mind, instead has abundance of application of mind.

Meanwhile, the court rejected the request made by senior advocate Abhishek Singhvi to stay the order of the court. The court has vacated the interim order passed on August 19. In the interim order the trial court was directed not to take any precipitative action against Siddaramaiah. On August 17, Governor had approved sanction under section 17 A  of the Prevention of Corruption Act and Section 218 of Bharatiya Nagarik Suraksha Sanhita ( BNSS), citing three applications.

The court said the private complainants were justified in registering the complaint and seeking approval from the governor.

Insofar as private complainants seeking sanction under section 17A, the court said the provision nowhere requires only a police officer to seek sanction from a competent authority. The court further said it is in fact the duty of the private complainants to seek such approval.

Earlier, The High Court had completed its hearing in the case on September 12, and reserved its orders. It had also directed a special court in Bengaluru to defer further proceedings and not to take any precipitative action against the Chief Minister.

The case pertains to allegations that compensatory sites were allotted to Siddaramaiah's wife B M Parvathi in an upmarket area in Mysuru that had higher property value as compared to the location of her land that had been "acquired" by MUDA.

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October 3,2024

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Karnataka Health Minister Dinesh Gundu Rao reminded that V D Savarkar was not against cow slaughter as he himself was non-veg eater, PTI reported on Thursday.

"As a Brahmin he was eating meat, and he was openly propagating eating meat," said the minister at an event in Bengaluru.

Reacting to Gundu Rao's claim, BJP MP Anurag Thakur called Congress a "factory of lies" as he warned that India won't tolerate any disrespect towards Savarkar.

"By disrespecting Veer Savarkar they have shown that they don't respect freedom fighters. During the Congress government, Sardar Bhagat Singh was termed a separatist in textbooks...By making those who want to break the nation join the congress party, Rahul Gandhi is taking forward the ideology of 'tukde tukde' and he is a 'modern Jinnah' who speaks ill of the country abroad...," he said.

Meanwhile, a court in Maharashtra's Nashik district summoned Congress MP Rahul Gandhi earlier this week in a defamation case filed against him for his alleged objectionable remarks against the Hindutva ideologue.

The complainant, who is the director of an NGO, claimed he watched a press conference addressed by Gandhi in Hingoli and also a speech made by the Congress leader in November 2022.

He alleged that Gandhi, on the two occasions, by his words and visual representations knowingly harmed the reputation of Veer Savarkar and also tried to defame the latter's image in the society.

According to the complainant, Gandhi said "Savarkar is BJP and RSS jin" which was defamatory in nature.

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September 28,2024

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Bengaluru, Sep 28: The Special Investigation Team (SIT) probing charges against arrested Karnataka BJP MLA N. Munirathna Naidu, including allegations of rape, honey-trapping, and other offences, on Saturday conducted raids at his residence and 15 other locations across the city.

Sources confirmed that the raids were taking place at his Vyalikaval residence and other properties owned by the BJP MLA. The operation is being conducted by the SIT under the Criminal Investigation Department (CID) led by ACP Kavitha.

The team is examining documents, electronic devices, and other materials related to the rape and honey-trapping case. The SIT is being supported by experts from the Forensic Science Laboratory (FSL), with Superintendent of Police (SP) Sowmya Latha also participating in the search and inspection at Munirathna’s Vyalikaval residence.

According to sources, the raids were triggered by information provided by the victim, who alleged that Munirathna recorded footage of sexual assaults and used it to blackmail politicians and public servants, including IAS and IPS officers.

The victim reportedly revealed that she was used to entrap the woman who had lodged a rape case against a senior IFS officer. She was allegedly instructed to frame the rape victim in a drug peddling case.

The complainant told police that she was tasked with capturing compromising videos of the rape victim who had filed the case against the IFS officer. She claimed that, after several failed attempts to obtain the videos, the victim was drugged with sleeping pills, and obscene footage was recorded without her consent. Later, the IFS officer was bailed out from the charges.

Furthermore, the complainant has accused MLA Munirathna of raping her at his office within the state legislature, in his official vehicle, and at his godown. She has alleged that he recorded videos of these assaults.

Police sources also revealed that the victim in the MLA's case provided details of a plot involving sending HIV-infected women to Munirathna's targets in an attempt to ruin them politically and personally. She also disclosed the names of several politicians whom she had entrapped through honey-trapping.

The woman further claimed that Munirathna had threatened to have her son kidnapped and killed if she refused to comply with his demands. According to her, the MLA had a well-organised team dedicated to carrying out these honey-trapping operations, and she provided details about his close associates and relatives involved in the scheme.

Munirathna, who was in judicial custody following his arrest in the rape and honey-trap case, has now been taken into the custody of the SIT.

The MLA was transferred from Bengaluru Central Jail to the CID office on the night of September 24. The BJP legislator, however, has denied all the allegations, claiming they are false.

Karnataka Congress leader D.K. Suresh had alleged that Munirathna was trying to infect his adversaries with HIV and that the government should investigate the matter.

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