สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 18 ตุลาคม 2556

Government cuts tariff value on imported gold, silver

The government reduced the import tariff value of gold and silver to $418 per 10 gram and $699 per kg, respectively, in line with global rates of the precious metals.  The tariff value, the base price at which the customs duty is determined to prevent under-invoicing, stood at $436 per 10 grams for gold and $702 per kg for silver during the last fortnight.  The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official statement said. India, the world's largest consumer of gold, imported about 860 tonnes of gold in 2012. The government has taken several steps to reduce gold imports including hike in custom duties. The government has raised the import tariff value of brass scrap to $3,933 per tonne from $3,860 per tonne. The tariff value of crude palm oil has been raised to $811 per tonne from $809 per tonne, while that of RBD palm oil has been retained at $862 per tonne. Crude palmolein's tariff value has been reduced to $866 per tonne from $883 per tonne, while that of RBD palmolein has been cut to $869 per tonne from $886 per tonne. The tariff value of crude soyabean oil has been brought down to $952 per tonne from $966 per tonne.

(Source: Economic Times)

Inspite of drop in rough diamond price, demand for jewellery sluggish this year

A drop in rough diamond prices by nearly 5 per cent has not brought smiles back to the Indian diamond trade as customers are holding back their purchases.Demand for diamond jewellery, which generally picks up with the onset of Navratri, is sluggish this year with diamond traders making fresh negotiations with rough diamond suppliers so as to bring down the prices further.  However, a drop in rough diamond prices has brought some cheer to the diamond traders as the export markets are looking up. The United States is showing good growth and orders have started trickling in from the European markets. Though it is said that diamond is the country's second fastest growing discretionary purchase after mobile phones, this year it has not shown any good growth. Consumer sentiment is negative. In India, diamond rings and earrings are the most popular products with women from affluent section of the society buying diamond-studded necklaces and bangles. The only glimmer of hope in this scenario is that gold prices have not surged over the last few weeks.

(Source: Economic Times)

Govt may ease FDI norms in real estate to boost sector

Foreign investors looking to invest in the real estate sector in India may be allowed to bring in only $5 million as minimum capital, down from the current $10 million, if the Cabinet approves the proposal of relaxing the conditions for FDI in the sector.As per the extant foreign direct investment policy, though 100 per cent FDI in the construction development sector is allowed through automatic route, the department of industrial policy and promotion (DIPP) is looking at relaxing the conditions for investment to boost the cash-strapped sector. From 2000-2013, $22.43 billion has flown in the sector in form of FDI, comprising 11 per cent of the total FDI flow in the country. In April-July 2013-14, $2.09 billion flew in the construction development sector including townships, housing, built-up infrastructure. To encourage investor participation in the country’s housing sector, the ministry of housing and urban poverty alleviation had earlier proposed easing of norms for FDI in real estate projects. 

(Source: Financial Express)

Switzerland to share tax information with India, other nations

Think twice, if you are considering buying a property in Switzerland or making any investment or banking transaction to avoid tax authorities in India. Chances are that the information may be automatically shared with the Financial Intelligence Unit (FIU) here and you may face prosecution for tax evasion. Switzerland may no longer guarantee protecting your investment details under its historical secrecy clause after it became signatory to the Paris-based Organisation for Economic Cooperation and Development's (OECD) multilateral convention on mutual assistance on tax matters. India is among 58 countries that are signatories to the OECD mutual tax information-sharing convention. But for automatic information sharing, India will have to sign another pact with the Swiss government. Though it has a Double Taxation Avoidance Agreement (DTAA) with Switzerland, it may not be adequate On October 15, Switzerland signed the OECD's multilateral convention on mutual administrative assistance in tax matters that provides for sharing of investments details with member countries automatically.

(Source: Economic Times)

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