Please don't buy gold for one year: Chidambaram

[email protected] (News Network)
June 13, 2013

New Delhi, Jun 13: Finance Minster P Chidambaram Thursday reiterated his appeal to public to control their craving for gold.

Chidambaram was addressing a press conference to detail the steps being taken by the government to get the economy on track. "If we can have for six months or one year almost minimal gold imports into the country, it will dramatically change the situation on the current account deficit (CAD) and we will see its positive impact on every other index that majors the economy, stock market, exchange rate, interest rates," he added.

gold6

Quoting statistics, Chidambaram said the net gold imports averaged USD 135 million per day in the first 13 days of May till May 20. However, the subsequent fourteen business days, it averaged only USD 36 million.

This steep fall in gold imports was facilitated by a number of measures the Government took to dissuade people from buying gold. The Government hiked the import duty on the highly coveted metal from 4 to 6 percent in January followed by a more recent hike in June taking the import duty to 8 percent.

The central bank too made some moves towards lowering gold imports by mandating all letters of credit (LCs) to be opened by nominated banks and agencies only under 100% cash basis. The RBI also mandated all gold imports to necessarily be on documents against payment (DP) basis meaning the imports on documents against acceptance (DA) basis would not be permitted.

"I am happy that all my appeals are being heeded partly by the people of India. So, gold imports have sharply come down but I would be happy if they come down even further," said Chidambaram who also recommended inflation-indexed bonds as an alternative to gold investment.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 3,2024

boat.jpg

Mangaluru: The passenger vessel service between Lakshadweep and Mangaluru has recommenced operations with the arrival of Parali, a high-speed craft, at the Old Mangaluru Port on Thursday, May 2 

With 160 passengers on board, along with a pilot, a ship engineer, an assistant, and eight labourers, the arrival of the vessel brings hopes of reinstating this vital transportation link.

The passengers were welcomed by Congress brass. The vessels that used to arrive before the Covid-19 pandemic took 13 hours to reach Mangaluru from Lakshadweep. However, the introduction of the high-speed craft, Parali, has reduced the travel time to approximately seven hours, said Abubakar Ashraf Bengre.

Bengre is part of a team that has been instrumental in liaising with the authorities of both Lakshadweep and Karnataka to facilitate the revival of this service. He told reporters that the service would bring better economic activity to Mangaluru. 

Over recent months, discussions have been held with Hamdullah Sayeed, president, Lakshadweep Congress Committee, as well as Karnataka Speaker UT Khader and district minister Dinesh Gundu Rao, to garner support for the reintroduction of the service.

The passengers who arrived mostly sought medical treatment, went shopping or met relatives here. They said that they traveled for Rs 450. Former MLA J R Lobo said that they will urge the government to ensure regular vessel services continue.

The passenger service was discontinued due to a lack of demand, it is learnt. In the year 2018-19, 4,955 passengers embarked and 7,422 disembarked from the Old Mangaluru Port. Subsequently, the figures declined to 3,779 (embarked) and 2,294 (disembarked) in 2019-20. The numbers further plummeted to 561 (embarked) and 19 (disembarked) in 2020-21, leading to the suspension of the service.

At present, the administration of the Union Territory of Lakshadweep has released a schedule for high-speed craft movement from April 29 to May 5.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 1,2024

Hassan MP and Lok Sabha election candidate of the BJP-JD(S) alliance Prajwal Revanna, who is facing an inquiry over the alleged sexual abuse of several women, said the truth will prevail.

The MP, who left the country as soon as the election to his constituency ended, has also sought seven days' time to appear before the Special Investigation Team (SIT) formed by the Karnataka government to inquire into the huge cache of about 3,000 explicit videos and photos allegedly pertaining to him, which have gone viral on social media.

“As I am not in Bangalore to attend the enquiry, I have communicated to CID Bangalore through my advocate. Truth will prevail soon,” Prajwal, grandson of former prime minister and JD(S) patriarch H D Deve Gowda, said in a post on X.

A case has been registered against MLA and former minister H D Revanna and his son Prajwal at Holenarasipura on a complaint lodged by their former cook and relative for allegedly sexually harassing her.

She also alleged that Prajwal made video calls to her daughter and spoke in an objectionable manner, which forced her to block him.

The MP who is seeking re-election from Hassan on a JD(S) ticket, shared a letter by his lawyer Arun G to the Deputy Superintendent of Police of the SIT, in which he has sought seven days' time to appear before the official because he is abroad.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 30,2024

Gowdaprajwal.jpg

The JD(S) on Tuesday, April 30, announced that former Indian Prime Minister HD Deve Gowda's grandson Prajwal Revanna has been suspended from the party temporarily until allegations against him over sexual abuse are probed.

Revanna and his father HD Revanna, also a JD(S) MLA, were booked on Sunday by the police for sexual harassment and criminal intimidation based on a complaint from a woman, who worked in their household.

"We welcome SIT against Prajwal Revanna. We've taken a decision to recommend our party's national president to suspend him from the party till the SIT investigation is completed, " JD(S) core committee president GT Devegowda said.

Revanna currently is not in India. Opposition members raised concerns over how he was allowed to leave the country.

"A decision was already made. Tomorrow it is to be recommended at the core committee meeting in Hubballi. Because he (Prajwal) is a Member of Parliament, it has to be done from Delhi. So I had requested Deve Gowda (JD(S) National President and former PM). Neither he (Gowda) nor I were aware of this issue," party chief H D Kumaraswamy has said yesterday. "Some issues have come out, based on that it has been decided yesterday itself to suspend (him). But many were in a hurry."

Prajwal, 33, represents the BJP-JD(S) alliance in the Lok Sabha election in Hassan, which happened on Friday.

Kumaraswamy alleged that Congress was manipulating facts to destroy the image of his family amid the controversy over the 'obscene' video case against his nephew Prajwal.

"We are not going to protect him, we will take severe action but the government's responsibility is more," Kumaraswamy said.

"This is the manipulation of Congress to destroy the image of our family. What is the role of Dewegowda Ji or me? We are not responsible for all those things. This is the individual issue of Prajwal Revanna. I am not in contact with him (Prajwal). It is the responsibility of the government to bring him before the law. Morally we have decided to make some decisions," Kumaraswamy told reporters on Tuesday.

Prajwal Revanna sex scandal

The state government under CM Siddaramaiah has formed a Special Investigation Team to look into the matter. In recent days, certain explicit video clips purportedly featuring Prajwal have circulated in Hassan.

In response, Revanna stated his willingness to cooperate with any investigation regarding the allegations of sexual abuse against his son and himself. He affirmed their readiness to accept any legal consequences if the accusations are substantiated.

Prajwal's father HD Revanna said that his son would appear for an SIT probe whenever he is asked to.

A case of sexual harassment and stalking was registered on Sunday against HD Revanna and Prajwal Revanna at Holenarasipur police station based on a complaint by their cook.

The complainant said she is a relative of Revanna's wife Bhavani.

She claimed that four months into her employment, Revanna began sexually harassing her, while his son Prajwal engaged in video calls with her daughter, engaging in "vulgar conversations."

She also alleged that there is a threat to her life as well as other members of her family.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.