Apply that logic to the current political scene, and lefty liberalism and you will understand much.....

Date: Tue Jan 05 1999 16:25

ChasAbar ( Brokers... ) ID#287358:

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try here......

I use 'em

http://www.tradingdirect.com/

Can't beat $9.95 trade.............

however....... they won't do buy orders for shares UNDER a BUCK......or so it says here... use ANOTHER account for those.......... ( ? )

http://www.tradingdirect.com/YOR/Public/Commission-frame.html

away......

Éß

If this is someone else's doing -- thanks!

Thanks

Dow Jones Newswires

India Gold Import Duty Hike Seen Boosting Prices, Smuggling

Dow Jones Newswires

BOMBAY -- The Indian government's move to increase the import duty on gold by 60% will not change the country's consumption, but will give rise to higher prices and smuggling, gold industry officials in India said Tuesday.

The import duty on gold was raised to 400 rupees ( INR ) for ten grams from INR250 effective Tuesday, the government said in a news release late Monday. ( $1=INR42.58 )

The duty increase will make gold in India 9%-10% more expensive than in the world market. Prior to Tuesday, consumers in India paid about 5%-6% more than international prices, plus some marginal local taxes.

Gold analysts and traders were unanimous in saying that this increase in duty will encourage smuggling. Gold retailers will prefer to pay less for the smuggled gold than buy it from licensed importers, they said.

The price differential ( between foreign and domestic prices ) will now be 9%-10% minus the sales tax and octroi duty. This is a big enough margin for smugglers, said Derrick Machado, financial institutions manager at the World Gold Council in Bombay. Sales tax differs from state to state in India and is approximately 2%. I appreciate the compulsion of the government, ( as it is ) looking at ( increasing ) revenue. But to make it ( the duty ) 400 rupees is not worth the effort because it will have long term ramifications, Machado added. According to him, a sizable chunk of gold demand will now be met by smuggled gold.

The government said it has taken this step to moderate the imports of gold into the country and to get additional revenue of around INR2.50 billion from customs duty. Gold imports jumped after the government abolished restrictions on the quantity of gold imported and reduced the duty in 1997.

During the period January-November 1998, 575 tons of gold were imported, up 28% from the corresponding period of the previous year, according to the government release.

This may revive the unofficial supplies regime, as Indian's need for gold is not going to change, said Ramesh Gamesan, head of trade and commodity finance in India for ABN-Amro Bank.

ABN-Amro is one of the 11 organizations that are permitted to import gold. Ganesan said prices in the country will be immediately raised because sellers will add the additional duty on their old stocks.

As if to illustrate the point, gold prices shot up in Bombay Tuesday with the 10 tola bar ( 116.74 grams ) opening at INR51,200 up from its Monday's close at INR49,600. The 22 carat 10 gram gold was quoted at INR4,045 early Tuesday, up from Monday's closing at INR3,915.

Smuggling of gold in India was rampant before the government liberalized the industry.

-By Ruchira Singh; +91-22-288-4211; rsingh@ap.org

Point being, One IF Statement was in the wrong place and ALL CLIENTS COULD NOT LOG ON! ( Translation-dead in the water )

We got it fixed in a few hours, but what about those people who haven't started?

BTW, 8864 hours left until 1/1/2000, for those counting.