The Gold price on Tuesday is 28,812.00 it may close around 28,803 by end of the Multi Commodity Exchange (MCX) Market. The Silver price on Tuesday is 46,054.00 it may close around 46,460 by end of the MCX Market in India.
The Finance Minister of India P Chidambaram has disclosed some of the measurements to protect the rupee like attracting the Deposits from NRI's and lure the International market to increase the dollar flow into India by issuing the bonds.
On Tuesday the Rupee is 61.1700 against the dollar it was just 45 to 47 few years ago recently it has been increasing day by day due to various situation globally and Nationally too.
Increasing the import tax on Gold and silver is of the measurement to protect the rupee. To controle the present situation Chidambaram is planning to increase the capital and save the dollars.
The primary aim of Finance Minister is set the gross domestic product (GDP) 3.7% by March 2014
it was 4.8 in the previous year.
According to the Market Analysts the measurements which were taken on Monday to protect the rupee
is not enough there is must be a systematic approch from ground level. Reserve Bank of India (RBI) need to
react as soon as possible by taking the necessary steps to increase the dollars inflow into India.
As far as Gold concern Indain Govt taken fallowing measurements. Increased Import 10% tax on gold.
Increasing excise tax on Metal also. Gold imports was $2.9 billion in July. Still Indian Govt need to
disclose the details of all the increased Taxes on various commodities.
According to the Finance Minister India is planning to grab the capital inflow around $11 billion with
various way from International Market like attracting the Deposits from NRI's, Selling the Bonds, importing
the Tax on non essential Items like TV's and fridges and other electrical items.
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