Managing Director of RiddiSiddhi Bullion Ltd, Prithviraj Kothari, while sharing his valuable views on the Indian Budget 2017 stated that it can be considered as a revolutionary budget. Some of the key announcements made during the Budget like capping the maximum cash donation to INR 2000, steps to avoid money laundering etc are noteworthy.
But the Bullion Trade reforms that were the key to the survival of industry did not come through. One of the biggest casualties of Demonetization was the Bullion Industry. Right from the beginning, I support the idea of Digital payments but at present Industry looks for answers.
Cash transaction limit was earlier not specified. Now it has been brought to Rs. 3 lakh. Moreover, 100% penalty shall be levied on the recipient when the amount received from one person exceeds Rs. 3 lakh. Taking it on a positive note, the limitation of cash transactions for individuals to Rs 3 lakh would help towards a better cashless economy of India.
Import duty on Gold has not been reduced from the existing rate of 10%. So also PAN Card limit remains at Rs. 2 lakh only. Bullion Industry anticipated that custom duty shall be reduced in the Budget 2017-18 as import figure has dropped down to 6% from 10% but with GST to be implemented in the near future, industry was expecting a favourable duty.
On a scale of 1 to 10, I would personally rate this budget as 7.
Photo Caption: Mr. Prithviraj Kothari, Managing Director – RSBL