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Revenues of organised <keyword id="21758362" type="General" weightage="100" keywordseo="gold-jewellery-retailers" source="keywords">gold jewellery retailers</keyword> are expected to surge by 22-25% this fiscal year, driven by the sharp reduction in import duties on <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> in the July Budget, according to a <keyword id="20874793" type="General" weightage="20" keywordseo="CRISIL-report" source="keywords">CRISIL report</keyword>. A recent analysis by CRISIL Ratings, which examined 58 gold jewellery retailers representing a third of the <keyword id="21165181" type="General" weightage="20" keywordseo="organised-sector" source="keywords">organised sector</keyword>'s revenues, indicates that the sector will benefit from improved <keyword id="19900859" type="General" weightage="20" keywordseo="working-capital" source="keywords">working capital</keyword> management. Although many retailers plan significant store expansions--estimated at 12-14% of existing stores--lower gold prices will reduce inventory costs, providing working capital relief. The organised jewellery sector, which accounts for just over a third of the overall market, is poised for a stronger financial performance compared to its unorganised counterpart. The steep reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has come at a crucial time for the industry, as retailers prepare for the festive and marriage seasons. Following the price decline, volumes are expected to grow by 3-5% this fiscal year, reversing earlier projections of stagnant demand. Gold prices had been steadily rising since February 2024, which had subdued consumer demand and led to revenue growth driven solely by higher realisations rather than increased sales volumes. Himank Sharma, Director at CRISIL Ratings, highlighted the timely impact of the duty cut and said, "The duty cuts to their decadal lows have come at an opportune time for the gold jewellery retailers as they start stocking for the festive and marriage seasons from the latter half of August." He added, "However, the inventory losses on the existing stock due to the price cuts will be partially mitigated by the reduced spends on marketing and discounts, as demand revives. All said <keyword id="19957745" type="General" weightage="20" keywordseo="profitability" source="keywords">profitability</keyword> will see a marginal dip on-year to 7.1-7.2%." Despite the pressure on profitability, retailers' cash flows will improve due to higher revenues, enabling them to pursue expansion plans. Store expansions, expected to increase by 12-14%, will require higher inventory levels. However, the lower input costs resulting from reduced gold prices will balance out the additional working capital requirements. Gaurav Arora, Associate Director at CRISIL Ratings, added, "Gold jewellery retailers will maintain comfortable financial metrics this fiscal, with total outside liabilities to tangible net worth (TOL/TNW) and interest coverage ratios remaining around 1.0 and 9 times, respectively. These will be moderately better than our earlier expectations, keeping credit profiles stable." As the festive season approaches, gold prices remain around 17% higher than last year's average, which is expected to sustain demand and further drive revenues in the second half of the fiscal year. However, potential volatility in gold prices, changes in government regulations, and shifts in consumer sentiment will need to be closely monitored. The combination of reduced prices, increased demand, and improved working capital management is expected to keep the financial outlook for gold jewellery retailers positive, despite the slight dip in profitability. The reduced duty has caused retail gold prices to fall by Rs 4,500-5,000 per 10 grams, leading to increased demand for gold jewellery. The growth projection, 500-600 basis points higher than earlier estimates of 17-19%, is fuelled by higher volumes as more consumers are enticed by the lower prices.

Budget import duty cut will boost gold jewellery retailers' revenues by 22-25% this fiscal, notes CRISIL report

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

<keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> have corrected sharply by 7% or Rs 5,000 per 10 grams in the local markets after the government slashed the basic customs duty on gold. Lower costs will encourage more people to invest in the yellow metal, both as a commodity and as a financial asset, experts say. Analysts said customs duty cut has made gold imports cheaper. The move will help curb the rampant issue of gold smuggling, leading to growth in the organised <keyword id="22107284" type="General" weightage="20" keywordseo="jewellery-sector" source="keywords">jewellery sector</keyword>. "The cut in basic <keyword id="20330317" type="General" weightage="20" keywordseo="custom-duty" source="keywords">custom duty</keyword> on gold prices makes the yellow metal cheaper. While this can lead to weaker market sentiments due to the sudden change, <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword> stand to benefit from the new, more attractive pricing for gold," said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities Echoing similar sentiments, Krishnan R, Director &amp; CEO of Unimoni Financial Services said lower costs will encourage more people to invest in gold, both as a commodity and as a financial asset, which is often seen as a hedge against inflation and currency devaluation. Following the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> announcement by finance minister Nirmala Sitharaman that the government has slashed basic customs duties on gold and silver from 15 per cent to 6 per cent, gold prices crashed by Rs 3,350 to Rs 72,300 per 10 grams in the national capital on Tuesday. The precious metal prices continued the downtrend and plunged by Rs 650 on Wednesday. The yellow metal rates saw another steep fall on Thursday, nosediving by Rs 1,000 to settle at Rs 70,650 per 10 grams, as per the All India Sarafa Association. After the duty cut, the yellow metal has declined Rs 5,000 per 10 grams or 7.1% in the past three sessions, since July 23 when it had fallen Rs 3,350 to end at Rs 72,300 per kg. Also, gold of 99.5% purity declined by Rs 1,000 to Rs 70,300 per 10 grams on Thursday. It had also lost ground by Rs 5,000 per 10 grams in the previous three sessions. On Thursday, silver rates also lost ground by Rs 3,500 per kg to Rs 84,000 per kg. In the past three sessions, the rates of the bright metal fell sharply by Rs 7,000 or 8.3% to Rs 84,000 per kg from Rs 91,000 per kg. Traders also said that a sharp correction in gold prices have revived the demand for jewellery among consumers as they flocked to jewellery outlets to take advantage of lower prices. "The reduction in basic custom duties have spurted the demand for jewellery in the domestic markets. Further, this will act as a sales booster for jewellers before the festive seasons, encouraging fresh buying by the consumers due to lower prices," PC Jeweller's Managing Director Balram Garg. Low gold prices will help domestic jewellers, particularly the organised ones, Garg said. According to MP Ahammed, Chairman, Malabar Group, the reduction has been a long-standing demand of traders in the gold sector, as it is expected to curb the rampant issue of gold smuggling, which poses a substantial threat to the Indian economy. "With the new rates, the duty on one kilogram of gold drops from Rs 9.82 lakh to Rs 3.93 lakh, making smuggling less attractive and more manageable. "This move will help dismantle the mafia chain involved in smuggling, leading to growth in the organised jewellery sector and increasing government revenue through GST and income tax," Ahammed said. Meanwhile, in futures trade on the <keyword id="20316358" type="General" weightage="20" keywordseo="multi-commodity-exchange" source="keywords">Multi Commodity Exchange</keyword> (MCX), gold futures have partially recovered on Friday, after three days of slump. The most traded August contract jumped Rs 288 to Rs 67,750 per 10 grams on the MCX. It had settled at Rs 67,462 per 10 grams in the previous session on Thursday. However, silver contracts for September delivery continued its downward trend by declining Rs 241 to Rs 81,090 per kg. It had closed at Rs 81,331 per kg in the previous session on Thursday. Experts anticipate stability in bullion prices once there is clarity on several economic and political factors such as interest rate cut by the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>. "Stability in gold prices is expected once there is clarity on several economic and political factors including, potential interest rate cuts in the US and India, and the outcome of the US Presidential elections will provide a clear direction for gold prices," Trivedi said.

Gold prices drop by Rs 5,000/10gm post Budget; bring cheers to retail investors

<ul><li>The <keyword id="18656923" type="General" weightage="20" keywordseo="Budget-2024-25" source="Orion">Budget 2024-25</keyword> was tabled today by Finance Minister Nirmala Sitharaman.</li><li>The budget has proposed a reduction in BCD for mobile phones, chargers and mobile PCBA.</li><li>The reduction in BCD is expected to bring down the cost of imported mobile phones.</li></ul> Finance Minister Nirmala Sitharaman today presented the Union Budget 2024-25 in the parliament, unveiling the budget for the fiscal year 2024-25. This is the first budget in the third term of the Narendra Modi-led government. In a boost to the smartphone industry, the government has announced a reduction in basic customs duty (BCD) on mobile phones, mobile phone chargers and mobile PCBA. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div> <h2>Reduced customs duty on mobile phones</h2>The government has reduced the BCD on mobile phones, mobile phone chargers and mobile PCBA to 15% from the existing 20%. The government had increased the BCD on these parts from 15% to 20% in 2018. This reduction in customs duty will help in reducing the cost of mobiles and chargers that are imported from other countries, including select iPhones that are still imported. “The <keyword id="19955368" type="General" weightage="20" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword> decision to reduce BCD on mobile phones, PCBA, and chargers while simultaneously extending exemptions on inputs/raw materials for smartphone manufacturing, capital goods, and inputs for capital goods in the electronics industry is a welcome move that will encourage the domestic electronics manufacturing ecosystem,” said Muralikrishnan B, President, Xiaomi India. A lot of companies also import PCBAs for the devices and they should also record a decrease in costs. At this moment, it is not clear how much of the benefit will be passed on to the consumers. In February 2023, the government <a href="https://www.businessinsider.in/budget/news/from-cheaper-smartphones-to-100-5g-labs-here-are-the-top-tech-announcements-in-budget-2023-24/articleshow/97527763.cms">reduced</a> the customs duty on camera lenses used in smartphones from 2.5% to nil. “Transsion India welcomes the Ministry of Finance's decision to reduce the BCD from 20% to 15% on mobile phones, mobile PCBA and chargers. This move will make smartphones more affordable and help us offer the best-in-class smartphones to the ever-evolving Indian market,” said Arijeet Talapatra, chief executive officer, Transsion India. <h2>Experts predict a small price cut</h2>Despite the reduction in BCD, experts have said that a major price cut must not be expected. “The reduction of BCD on smartphones, chargers and PCBA will not have any major impact on the prices of smartphones. We may expect a price cut of 1-2% on average from this move, however, this depends on OEMs if they want to pass this to end consumers. In the lower price segments, we may not see this as in these price segments, the margins are very low,” said Tarun Pathak, Research Director, Counterpoint Research. “However, on the overall electronics manufacturing, the government has focused on a very key area, which is upskilling. Announcements regarding upskilling shows the government intent to grow high-skilled labor force and will help the electronics manufacturing sector securing high-skilled local talent,” he added. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/mobile-phones-to-cancer-medicines-things-that-are-set-to-become-cheaper-after-budget-2024-25/articleshow/111954947.cms">Budget 2024-25: Here's what is cheaper and costlier</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms">Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation</a> <a href="https://www.businessinsider.in/stock-market/news/understanding-tax-alterations-affecting-stock-markets-capital-gains-tax-stt-on-fo-and-more/articleshow/111956139.cms">Budget 2024: Tax alterations affecting stock markets — capital gains tax, STT on F&amp;O, and more</a>

Budget 2024 – Customs duty on mobile phones, chargers and more reduced

One aspect that always garners much traction on the <keyword id="19936553" type="General" weightage="100" keywordseo="Budget" source="keywords">Budget</keyword> day is what got <keyword id="20257498" type="General" weightage="20" keywordseo="cheaper" source="keywords">cheaper</keyword> and what got <keyword id="20286063" type="General" weightage="20" keywordseo="costlier" source="keywords">costlier</keyword>. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> as part of her Budget presentation proposed a host of tweaks in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> (BCD) for various products or items that are critical for manufacturing. In her Budget speech, Sitharaman proposed an exemption on customs duty on certain <keyword id="22516435" type="General" weightage="20" keywordseo="cancer-medicines" source="keywords">cancer medicines</keyword> and a reduction in duties on <keyword id="19920958" type="General" weightage="20" keywordseo="mobile-phone" source="keywords">mobile phone</keyword> parts and chargers, aimed at bringing down their prices in the retail market. "With a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15 per cent," said Sitharaman in her Budget speech that lasted around 90 minutes. To provide relief to cancer patients, she proposed to fully exempt three more medicines from customs duties. Imported <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword>, silver, leather goods and seafood will also get cheaper, as duties were invariably lowered on them. Duty cut on gold would boost retail demand and help in curtailing smuggling in the world's second-biggest bullion market. "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent." She also proposed changes in the customs duty on X-ray tubes and flat panel detectors for use in medical X-ray machines under the <keyword id="20330318" type="General" weightage="20" keywordseo="phased-manufacturing-programme" source="keywords">Phased Manufacturing Programme</keyword>, so as to synchronise them with domestic capacity addition. Also, she proposed to fully exempt customs duties on 25 critical minerals and reduce basic customs duty on two of them. Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics, said the finance minister. "This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said. Putting energy transition on focus, as it is critical in the fight against climate change, the finance minister proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. However, in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, it was proposed not to extend the exemption of customs duties provided to them. To enhance competitiveness in marine products, the reduced duty on certain broodstock, polychaete worms, shrimp and fish feed to 5 per cent, besides exempting customs duty on various inputs for manufacture of shrimp and fish feed. Moving on to leather and textile, reduction in duty was announced for various items. "...to enhance the competitiveness of exports in the leather and textile sectors, I propose to reduce BCD on real down filling material from duck or goose," Sitharaman said. To reduce cost of production of steel and copper, two important raw materials, it was proposed to remove the customs duty on ferro nickel and blister copper. "I am also continuing with nil BCD (customs duty) on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap." On the flip side, to support chemicals and petrochemicals, an increase in duty was proposed. To support existing and new capacities in the pipeline, an increase in duty on ammonium nitrate from 7.5 to 10 per cent would be applicable. PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, a propose was made to raise the duty on them from 10 to 25 per cent. To incentivise domestic telecommunication equipment manufacturing, a propose to increase the duty from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment was made. Explaining her rational behind the indirect taxes tweak, Sitharaman said her proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount. In Budget 2022-23 too, the government reduced the number of customs duty rates.

Here's what will get cheaper and costlier after this Budget

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> announced a reduction of 15 per cent in the <keyword id="19962888" type="General" weightage="20" keywordseo="Basic-Customs-Duty" source="keywords">Basic Customs Duty</keyword> (BCD) on <keyword id="20016418" type="General" weightage="20" keywordseo="Mobile-Phones" source="keywords">mobile phones</keyword> while presenting the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> for the fiscal year 2024-25 in Parliament on Tuesday. Along with mobile phones, the BCD on mobile Printed Circuit Board Assembly (PCBA), and mobile chargers will be lowered to 15 per cent. Sitharaman said, "With a threefold increase in domestic production and almost a 100-fold jump in exports of mobile phones over the last 6 years, the Indian mobile industry has matured. In the interest of consumers I now propose to reduce the Basic Customs Duty (BCD) on mobile phones, mobile Printed Circuit Board Assembly (PCBA) and mobile charger to 15 per cent." The reduction in BCD is expected to make mobile phones and related accessories more affordable for consumers. By lowering the cost of imported components and finished products, the government aims to pass on the benefits to end-users, potentially leading to reduced retail prices. This move is anticipated to stimulate demand and increase the accessibility of mobile technology across different segments of the population. For the domestic mobile phone industry, the reduced BCD is likely to enhance competitiveness and encourage further investments. Manufacturers can benefit from lower import costs for essential components, thereby improving their production efficiency and profit margins. According to the Worldwide Quarterly Mobile Phone Tracker by International Data Corporation, India's smartphone market shipped 34 million units in the first quarter of 2024. This represented a year-over-year growth of 11.5 per cent, marking the third consecutive quarter of increased shipments. Earlier, to bolster the Indian start-up eco-system, boost the entrepreneurial spirit and support innovation, Finance Minister Nirmala Sitharaman proposed to abolish the so-called angel tax for all classes of investors. This was a proposal from the industry for a long time, and this announcement will drive more investments towards startups in particular. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Budget 2024 Live Updates: FM Sitharaman announces comprehensive review of the Income Tax Act 1961</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a>

Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman on Tuesday proposed reduction in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> on <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword> and <keyword id="19934349" type="General" weightage="20" keywordseo="silver" source="keywords">silver</keyword> to 6 per cent and <keyword id="20163042" type="General" weightage="20" keywordseo="platinum" source="keywords">platinum</keyword> to 6.4 per cent. Presenting Budget for 2024-25, she also announced removal of basic customs duty on ferronickel, blister copper, while increasing the same to 15 per cent from 10 per cent on specified telecom equipment. The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry. Sitharaman also proposed reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent. On the other hand, she said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics. She also said e-commerce export hubs will be set up in PPP (public private partnership) mode to enable MSMEs sell their products. Traditional artisans will sell products in international markets, she said. She also proposed expanding the list of exempted capital goods used in manufacturing of solar cells and panels. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Budget 2024 Live Updates: FM Sitharaman announces comprehensive review of the Income Tax Act 1961</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a>

Sitharaman announces cut in customs duty on gold, silver to 6%

The <keyword id="19915423" type="General" weightage="20" keywordseo="Indian-Chamber-of-Commerce" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Chamber of Commerce" meta.hostid="153" meta.entityid="Indian Chamber of Commerce">Indian Chamber of Commerce</keyword> (ICC) has suggested the government to rationalise <keyword id="6360806" type="General" weightage="20" keywordseo="customs" source="Orion">customs</keyword> duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost <keyword id="20053977" type="General" weightage="20" keywordseo="domestic-manufacturing" source="keywords">domestic manufacturing</keyword>. Finance Minister Nirmala Sitharaman is scheduled to present the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> for financial year 2024-25 on July 23. ICC President Ameya Prabhu said protective measures are needed for the growth of domestic industry in sectors including steel, solar battery, aluminum, and lithium cells. "There is a need for rationalisation of <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> in these specific sectors in a holistic manner. Huge potential is there to boost domestic manufacturing and make India a global hub for manufacturing," Prabhu said. He added that levies on raw materials impact domestic players particularly the downstream firms. He also asked for correction in inverted duty structure by cutting down duty on mixed petroleum gas from 5 per cent to 2.5 per cent. "To boost domestic manufacturing, there is a need to increase duty on polymers - polyvinyl chloride, polyethylene terephthalate, polypropylene and polyesters to 10 per cent. This will help in reducing import dependency and will drive India towards self-sufficiency in the petrochemical manufacturing segment," Prabhu said. Talking about the importance of the aluminium foil sector, the President said the domestic industry has been facing severe losses as there is anti-dumping duty on raw materials whereas the finished goods are not subject to any duties on imports from China. "This dual effect has resulted in extensive net losses to the companies that have made significant investments into this industry," Prabhu noted. On the taxation side, the chamber has suggested setting up a commission to review the Income Tax Act 1961 in its entirety and simplify the provisions. "This is an old Act. Every year in the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">Budget</keyword>, amendments are made which has made this Act complex to understand. These amendments have resulted in many anomalies which in turn have given rise to a large number of legal cases," the chamber has said. Prabhu further recommended the government not to impose tax on dividends. He added that during his tenure so far the ICC has spread its wings further nationally and internationally and become a truly world-class chamber. "We have opened 25 chapters globally in countries including New Zealand, the US, Europe, Australia, Korea and Middle East nations," he said.

Government should rationalise customs duty in Budget to boost domestic manufacturing: Indian Chamber of Commerce

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

<keyword id="19936600" type="General" weightage="20" keywordseo="Dhaka" source="keywords">Dhaka</keyword>: A top police official in <keyword id="19919639" type="General" weightage="20" keywordseo="bangladesh" source="keywords">Bangladesh</keyword> has called on every member of the police force to resume their duties gradually and maintain <keyword id="20384229" type="General" weightage="20" keywordseo="public-safety" source="keywords">public safety</keyword> and law and order amidst reports of attacks on the law enforcement authorities in the violence-hit nation. Additional Inspector General of Police (AIG) A.K.M. Shahidur Rahman, who was appointed as the focal person of the <keyword id="20089848" type="General" weightage="100" keywordseo="Bangladesh-police" source="keywords">Bangladesh Police</keyword> on Tuesday to handle the current crisis, asked his force to ignore rumours. "The police are friends of the people and work for the public. We cannot imagine a society without the police. Therefore, I request our police members once again to ignore rumours and return to their duties in a phased manner, ensuring that security arrangements are properly in place," he said, emphasising the crucial role of the police in maintaining public safety. Most <keyword id="20117995" type="General" weightage="20" keywordseo="police-stations" source="keywords">police stations</keyword> in the country, including the capital Dhaka, currently have no police personnel present, the Dhaka Tribune reported. Multiple police officers have reported that over four hundred police stations across the country have experienced attacks, vandalism, arson, and looting. In this situation, no one feels safe staying in their respective stations or offices, leading everyone to seek safe shelters. A police headquarters official mentioned that the police have not faced such a situation since 1971, the report said. In many places, clashes broke out between the police and agitated mobs. Consequently, law enforcement officers vacated various stations overnight. After the attack on the police headquarters on Monday night, senior officials were evacuated to safety by helicopter. Many climbed over walls to escape the headquarters. Law enforcement broke down in Bangladesh after the fall of the Sheikh Hasina government on Monday, with police absent from their duty to keep law and order or manage traffic, the Dhaka Tribune newspaper reported on Tuesday. Since Monday afternoon, the police presence in urban areas dwindled, and by Tuesday, the breakdown of the police system was evident throughout the country. Attacks on police stations and facilities across the country, resulting in numerous police casualties, have led to this unprecedented situation, the newspaper reported. As the army took charge following Hasina's ouster and the death toll in the violence in which temples were also attacked rose to 440, President Mohammed Shahabuddin dissolved Parliament on Tuesday and appointed 84-year-old Nobel laureate Mohammad Yunus as the head of an upcoming interim government. Meanwhile, the readymade garment (RMG) and textile factories across the country will reopen on Wednesday, the paper said. Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the apex trade body of the country's RMG manufacturers, urged its members to open their factories on Wednesday. BGMEA Director Mohiuddin Rubel, a participant at the meeting, told the paper that they were going to reopen their factories for the betterment of the country's economy and workers. In a separate statement, Sulov Chowdhury, CEO of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), urged its members to reopen their factories as there is an announcement to keep industrial units open in the present context. However, considering the current situation, he also urged the BKMEA member factories to ensure the overall safety of the factories, along with their workers.

Bangladesh's top police official urges policemen to resume their duties and maintain public safety

India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (<keyword id="15910220" type="General" weightage="20" keywordseo="GTRI" source="Orion">GTRI</keyword>) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies could handle such imports, the report said. "While India's total imports from the UAE fell 9.8 per cent from USD 53.2 billion in FY23 to USD 48 billion in FY24, imports of gold and silver skyrocketed 210 per cent, from USD 3.5 billion to USD 10.7 billion," it said. "Import of all remaining products fell 25 per cent, from USD 49.7 billion in FY23 to USD 37.3 billion in FY24," it said. GTRI Founder Ajay Srivastava said the current import of gold and silver from the UAE is unsustainable as the UAE does not mine gold or silver or add sufficient value to imports. "High import duties in India on gold, silver, and jewellery at 15 per cent are at the root of the problem. Consider lowering tariffs to 5 per cent. This will cut large-scale smuggling and other misuse," Srivastava said. Trade in gold, silver, and diamonds has been prone to misuse due to their low volume but high value and high import duties in India. Low tariff imports of gold, silver only benefit few importers who keep all profits arising through tariff arbitrage and never pass it to consumers, he said. Srivastava suggested the government implement certain measures to help India balance its <keyword id="21681862" type="General" weightage="20" keywordseo="trade-policies" source="keywords">trade policies</keyword>, protect domestic revenue, and ensure fair competition in the import of precious metals and jewellery. It suggested reassessing and potentially revising the concessional duty rates under CEPA to mitigate the arbitrage driving the surge in imports of gold and silver. "At least, implement yearly import quotas (tariff rate quotas) for silver, similar to those for gold, to control the volume of imports and prevent revenue loss," it said, adding that India should rigorously verify the claimed value addition by Dubai-based refiners in gold and silver imports to ensure compliance with CEPA rules of origin. It also asked to tighten regulations around the India International Bullion Exchange (IIBX) at Gift City to control the volume and nature of <keyword id="22080399" type="General" weightage="20" keywordseo="precious-metal-imports" source="keywords">precious metal imports</keyword> and the exchange should not allow country-based exemptions. As increased imports contribute to a higher current account deficit and since gold and silver act more like financial instruments than regular trade items, India should avoid including them in any FTA. "India has granted <keyword id="20542001" type="General" weightage="20" keywordseo="tariff-concessions" source="keywords">tariff concessions</keyword> for these items in many FTAs and under the DFTP (duty-free tariff preference) scheme, so a comprehensive review is needed. India announced the scheme for LDCs (least developed countries) in 2008. Under this, India provides duty free/preferential market access on about 98.2 per cent of India's tariff lines (or product categories). Further, the report stated that silver imports from the UAE increased multifold to USD 1.74 billion in 2023-24 from a meagre USD 29.2 million in 2022-23 due to India charging an 8 per cent duty under the CEPA versus a 15 per cent duty from other countries. "The large 7 per cent tariff arbitrage resulted in a loss of revenue for India of Rs 1,010 crore in FY24. Revenue loss will increase as India has committed to make tariffs zero on unlimited quantities of silver from the UAE within next 8 years," it added. It said this trade is unusual because the UAE just imports large silver and gold bars, melt and convert these into silver grains and unwrought gold for exports. "A check with global refiners will show that value addition in such process is much less than 1 per cent as opposed to 3 per cent required under the FTA," it said. On gold bars, the report said India agreed to import 200 metric tons of gold annually from the UAE with a 1 per cent tariff concession and due to this gold imports rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24, causing India to lose Rs 635 crore in revenue in FY24. Similarly, India's jewellery imports have increased 187.6 per cent from USD 1.1 billion in FY23 to USD 3.3 billion in FY24, whereas these imports from the UAE have increased 290 per cent from USD 347 million in FY23 to USD 1.35 billion in the last fiscal.

Gold, silver import from UAE surged 210% in 2023-24; Need duty revision in FTA: GTRI

<ul><li><keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> has announced a <keyword id="20125622" type="General" weightage="20" keywordseo="price-cut" source="keywords">price cut</keyword> for its iPhones in India, with the Pro variants getting the highest price cut.</li><li>The price cut has been announced following the reduction in customs duty on smartphones.</li><li>Here are the new prices of iPhones in India after the price cut from Apple.</li></ul> As expected, the recently announced<a href="https://www.businessinsider.in/budget/news/budget-2024-customs-duty-on-mobile-phones-chargers-and-more-reduced/articleshow/111962490.cms"> reduction</a> in basic customs duty (BCD) on smartphones in the<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms"> Budget 2024-25</a> has resulted in a decrease in the prices of certain smartphones. Cupertino tech giant Apple has announced a price cut for several iPhones, reducing the prices of the smartphones by up to ₹5,900. The price cut on premium smartphones is on the higher side, while some devices have received a minor price cut. The government has reduced the BCD on mobile phones, mobile phone chargers and mobile PCBA to 15% from 20%. <div type="Article" hostid="261" msid="112045172" title="Apple to manufacture iPhone 16 Pro models in India soon after launch" mstype="2" mssubtype="0"></div> Here’s the new pricing for iPhones in India: <h2>Price cut for iPhones</h2>In a first, Apple has announced a price cut for its Pro models in India. This has been done to pass on the benefit of reduced customs duty to customers. This will also help the company to boost the sales of iPhones in India, ahead of the launch of the<a href="https://www.businessinsider.in/tech/mobile/news/apple-to-manufacture-iphone-16-pro-models-in-india-soon-after-launch/articleshow/112045172.cms"> iPhone 16</a> series. <h2>New iPhone prices in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">iPhone </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">New price </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Old price </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price cut </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">iPhone 15 Pro Max </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,54,000 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,59,900 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,900 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">iPhone 15 Pro </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,29,800 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,34,900 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,100 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">iPhone 15 Plus </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹89,600 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹89,900 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹300 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">iPhone 14 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹79,600 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹79,900 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹300 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">iPhone 14 Plus </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹79,600 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹79,900 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹300 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">iPhone 14 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹69,600 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹69,900 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹300 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">iPhone 13 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹59,600 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹59,900 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹300 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">iPhone SE </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹47,600 </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹49,900 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,300 </td></tr></tbody></table> The iPhone 15 Pro Max and the iPhone 15 Pro have received the highest price cut, at ₹5,900 and ₹5,100 respectively. The company’s most affordable offering in the country, the iPhone SE has also received a significant price cut at ₹2,300. At present, most of the smartphones sold in India are manufactured locally, barring high-end devices like the Pro models from the iPhone lineup. This is set to change with the upcoming iPhone 16 series, with the company planning on producing the<a href="https://www.businessinsider.in/tech/mobile/news/apple-to-manufacture-iphone-16-pro-models-in-india-soon-after-launch/articleshow/112045172.cms"> iPhone 16 Pro</a> models in India soon after the launch. It will be interesting to see if Apple reduces the prices on the iPhone 16 Pro models as they will not be subject to BCD once local production begins. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-this-week-ola-electric-akums-drugs-and-more/slidelist/112097714.cms">Upcoming IPOs this week – Ola Electric, Akums Drugs and more</a> <a href="https://www.businessinsider.in/business/auto/news/government-extends-ev-subsidy-scheme-till-september-30-increases-outlay/articleshow/112062360.cms">Government extends EV subsidy scheme till September 30, increases outlay</a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-series-design-and-specs-revealed-ahead-of-launch-next-month/articleshow/112039063.cms">Pixel 9 series design and specs revealed ahead of launch next month</a>

iPhone price cut – Apple announces price cut after reduction in customs duty

<ul class="summary-list"><li>A crew member who was on board the "Bayesian" when it sank off Sicily has spoken about what happened.</li><li>British sailor Matthew Griffiths said he alerted the yacht's captain as strong winds hit.</li></ul>A crew member who was on board British tech tycoon Mike Lynch's "Bayesian" yacht when it <a target="_blank" class="" href="https://www.businessinsider.com/mike-lynch-40-million-yacht-unsinkable-experts-rescue-2024-8">sank off the coast of Porticello, Sicily</a>, this month has opened up about the incident.Matthew Griffiths, a British sailor who was on watch duty on the vessel when it sank, told prosecutors that he had awoken the yacht's captain as "the wind was blowing at 20 knots," Italian news agency <a target="_blank" class="" href="https://www.ansa.it/english/news/general_news/2024/08/31/bayesian-sailor-woke-captain-up-with-strong-wind_ed24cfb1-916e-46e3-bf04-a8b563de95e4.html">ANSA reported</a>.He said the captain then "ordered to wake everyone else up" before Griffiths "stored away the pillows and plants, closed the windows of the sitting room on the bow and some hatches."After being thrown from the tilting ship into the water once, Griffiths said he climbed back on board and was "walking on the walls" as he and other crew members attempted to save those they could.Griffiths, the boat's captain James Cutfield, and the yacht's engineer Tim Parker Eaton are under investigation following the sinking.Ansa reported that the attorneys of Griffiths and Parker Eaton may request "technical consultancies to clarify the causes of the shipwreck."The head of the public prosecutor's office of Termini Imerese, Ambrogio Cartosio, previously said he was investigating a "crime hypothesis" of <a target="_blank" class="" href="https://www.businessinsider.com/5-bodies-found-same-cabin-mike-lynch-superyacht-investigators-2024-8">culpable shipwreck and manslaughter</a>.Experts have said the <a target="_blank" class="" href="https://www.businessinsider.com/mike-lynch-40-million-yacht-unsinkable-experts-rescue-2024-8">state-of-the-art yacht should not have sunk so easily</a>.Seven people died after the Bayesian went down.Among the victims were Mike Lynch and his 18-year-old daughter, Hannah.Speaking of the survivors, Griffiths said that "Cutfield rescued the little girl and her mother," referring to Charlotte Golunski and her one-year-old daughter.Mike Lynch, the founder of Autonomy, was on the yacht with friends and family celebrating his recent acquittal in a fraud trial.Stephen Chamberlain, a former vice president of finance at Autonomy who was also a defendant in the fraud trial, died in a separate incident days before the Bayesian sank.

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