Indian Govt making gold costly to help MFs, says CAIT

Indian Govt making gold costly to help MFs, says CAIT

IN ORDER 10 divert savings of innocent Indians towards risky investments like mutual funds and capital market, the Government was trying to discourage investments in gold and silver by increasing Import Duty on these metals. National President of the Confederation of All India Traders (CAIT). He was reacting on the recent decision of the Central Government to increase Import Duty to 8 per cent from the existing 6 per cent.

"This may also encourage import of gold illegally."

Scema Sethi, National President of CAIT Women Entrepreneurs Organisation (CWEO). the women's wing of CAIT said that since ages gold had been considered as the safest instrument of security in case of any eventuality in family. "The prices of these precious metals are going down world-wide. It is unfortunate that the Indian Government is working against the culture and sentiments of Indian women," she pointed out. She said that if need arose, the women's wing would not hesitate in launching a massive awareness campaign against such decisions of the Government.