: PMK founder S. Ramadoss on Monday accused the Central government of “double standards” when it came to reducing the import duty on gold. Referring to the ‘discount’ on gold bonds that opened for subscription on Monday, he said that the Central government had been levying taxes on products used by the poor and middle-class people with a “business-like” mentality.
“When global prices of oil went down, the government introduced taxes and pocketed close to Rs. 1.5 lakh crore.
“But it didn’t reduce the taxes when prices increased. It is following the same approach when it comes to gold. To control gold imports, it levies a high tax,” said Dr. Ramadoss.
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The gold bonds are issued in denomination of one gram of gold and in multiples thereof.
In the latest tranche, the price of one gram is pegged at Rs. 2,957, a discount of Rs. 50 against last week’s price of Rs. 3,007 per gm declared by the Indian Bullion and Jewellers’ Association.