Spot gold price crossed Rs 40,000 mark again on Thursday, trading at Rs 40,068 per 10 gm.
NCDEX said that the Commodity Transaction Tax (CTT) levied on processed agri commodities has increased impact cost of market participants.
SLCM had set up its first dedicated 24x7 call centre in the early 2010 to cater to its agri-warehousing operations in India and Myanmar.
Jewellers are expecting a reduction in import duty of gold and a cut in income tax for the common people in the upcoming Budget to spur demand. At present gold attracts an import duty of 12.5% and a GST of 3%.
There will be some recovery in demand in fourth quarter.
The council has urged to reduce the import duty on gold, silver and platinum from 12.5 per cent to 4 per cent.
West Bengal is expected to produce 105 lakh tonnes of potato this year which is 10% higher than last year. This was indicated by Tarun Kanti Ghosh, president of West Bengal Cold Storage Association at its 55th annual general meeting held in Kolkata today.
Mr. Shaankar Sen, Vice Chairman, GJC, said, “The high import duty on Gold has increased socio-economic menace in the country in the form of smuggling of alarming proportions and the re-emergence of unorganized/illegal channels for procuring gold.
Even the price sensitive eastern market is witnessing a positive sentiment among consumers.
The total oil seeds production is estimated to be 16218.06 thousand metric tonne, which is 23.78% less than the last year production of 21277 thousand metric tonne. Soybean production is expected to decline by 32.27% over last year and 12.93% over last estimate. Groundnut production is expected to decline marginally by 9.57% over last year.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon