Government targets TV imports by airline passengers as rupee plummets
REUTERS - India will ban the duty-free import of flat-screen televisions from August 26, the government said in a statement on Monday, adding to a package of measures designed to prop up the rupee by stemming the flow of foreign currency out of the country.
Government officials estimated that more than 1 million television sets were brought into the country last year -- many from Dubai, Thailand and Singapore -- under a scheme that allowed airline passengers to bring in screens worth up to 35,000 rupees as part of their baggage allowance.
Under the new rules, passengers will have to pay a 35 percent duty and other charges, the officials said. (Reporting By Manoj Kumar and Rajesh Kumar Singh. Writing by Shyamantha Asokan)
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The Nifty will stay in a broad band of 7,800-8,200 with an immediate resistance at around 8,050 levels. One should look to selectively accumulate in sectors such as infrastructure, capital goods, cement, power and metals. The outperforming sectors such as pharma, IT and auto ancillaries could take a breather due to international headwinds, writes Ambareesh Baliga. Full Article
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