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In its proposal tabled in the legal committee, the octroi department said the PMC general body on March 2007 had passed a resolution to charge octroi on gold on the basis of weight.
However, the octroi based on weight was resulting in a huge revenue loss to the PMC, the proposal said. As the current price of gold is Rs 1,000 per gm, the octroi based on weight would lead to a revenue yield of only 50 paise per gm as against Rs 25 if it were calculated on the basis of price.
“The difference of Rs 24.50 per gm of gold being brought and sold in the city leads to a huge loss to the PMC,” octroi department chief K C Kakar said.
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