DUBAI // Indian expatriates are asking New Delhi to scrap a decades-old duty on gold.
Passengers arriving at Indian airports are being told to pay a tax on excess jewellery or leave the ornaments behind.
Non-resident Indians (NRIs) are upset that enforcement of the law, which was enacted in the 1960s, was introduced in April this year.
It means women carrying gold worth more than 20,000 rupees (Dh1,331), or more than seven grams, are taxed. Men can carry only half that amount before paying a duty.
KV Shamsudheen, chairman of the Pravasi Bandhu Welfare Trust, a social organisation, started a petition after travellers from Dubai were asked to pay a 10 per cent duty on the value of gold exceeding the limits.
"I was carrying about 276 grams of gold," said Shilin Kumar, who travelled from Dubai to Kerala at the end of last month.
"We had carried the gold in our hand baggage and, after screening our luggage, the customs officials asked us to pay duty. I explained that it was used gold but they did not agree."
After Mr Kumar refused to pay 40,000 rupees in tax, customs officials asked him to leave the jewellery in their custody.
"When I am leaving for Dubai I can collect it back from them at the airport, but this is not fair," he said. "We won't carry any jewellery the next time."
India is the world's largest buyer of gold, which is synonymous with weddings, festivals, traditions and financial security.
Another passenger to Kerala from Dubai last month also had to leave her jewels with airport officials.
"I was wearing about six bangles and had other jewellery," said the expatriate, who asked not to be identified. "I was asked to pay 33,000 rupees, but since I didn't have the money I left my ornaments behind.
"They have given me a receipt and assured me they are safe. I hope I get them back. I will never carry any gold from Dubai the next time."
Mr Shamsudheen is asking Indian authorities to reconsider what he calls a ridiculous move.
He said the limits were relevant five decades ago when gold prices were very low.
"The law that is being implemented now is more than 50 years old," Mr Shamsudheen wrote to the finance ministry. "At that time the gold price was 40 rupees for a gram … we request the prime minister intervene in this issue."
He said male passengers should be allowed to travel with at least 100 grams of gold and women with 200 before being taxed.
The Indian finance ministry was not available for comment.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
T20 World Cup Qualifier
October 18 – November 2
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Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
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Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
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Nepal, Oman, United States tri-series
Tribhuvan University, Kathmandu
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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GMC Sierra Denali 1500
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