RAND Report Details 9-11 Victims Compensation

RAND Report Details 9-11 Victims Compensation Dateline: January, 2005 A study released by the RAND Corporation shows that victims of the Sept. 11, 2001 terrorist attacks - both individuals killed or seriously injured and individuals and businesses impacted by the strikes - have received at least $38.1 billion in compensation, with insurance companies and the federal government providing more than 90 percent of the payments. New York businesses have received 62 percent of the total compensation, reflecting the broad-ranging economic impacts of the attack in and near the World Trade Center. Among individuals killed or seriously injured, emergency responders and their families have received more than civilians and their families who suffered similar economic losses. On average, first responders have received about $1.1 million more per person than civilians with similar economic loss. The 9-11 terrorist attacks resulted in the deaths of 2,551 civilians and serious injury to another 215. The attacks also killed or seriously injured 460 emergency responders. â€Å"The compensation paid to the victims of the attacks on the World Trade Center, the Pentagon and in Pennsylvania was unprecedented both in its scope and in the mix of programs used to make payments,† said Lloyd Dixon, a RAND senior economist and lead author of the report. â€Å"The system has raised many questions about equity and fairness that have no obvious answers. Addressing these issues now will help the nation be better prepared for future terrorism. Dixon and co-author Rachel Kaganoff Stern interviewed and gathered evidence from many sources to estimate the amount of compensation paid out by insurance companies, government agencies and charities following the attacks. Their findings include: Insurance companies expect to make at least $19.6 billion in payments, comprising 51 percent of the money paid in compensation.Government payments total nearly $15.8 billion (42 percent of the total). This includes payments from local, state and federal governments, plus payments from the September 11 Victim Compensation Fund of 2001 that was established by the federal government to compensate those killed or physically injured in the attacks. The total does not include payments to clean up the World Trade Center site or rebuild public infrastructure in New York City.Payments by charitable groups comprise just 7 percent of the total, despite the fact that charities distributed an unprecedented $2.7 billion to victims of the attacks.Because of concerns that liability claims would clog the courts and create further economic harm, the federal government limited the liability of airlines, airports and certain government bodies. The government established the Victim Compensation Fund to m ake payments to families for the deaths and injuries of victims. In addition, the government funded a major economic revitalization program for New York City.RAND researchers found that businesses hurt by the attacks have received most of the compensation that the study was able to quantify. The families of civilians killed and the civilians who were injured received the second-highest payments. The study found that: Businesses in New York City, particularly in lower Manhattan near the World Trade Center, have received $23.3 billion in compensation for property damage, disrupted operations, and economic incentives. About 75 percent of that came from insurance companies. More than $4.9 billion went to revitalize the economy of Lower Manhattan.Civilians killed or seriously injured received a total of $8.7 billion, averaging about $3.1 million per recipient. Most of this came from the Victim Compensation Fund, but payments also came from insurance companies, employers and charities.About $3.5 billion was paid to displaced residents, workers who lost their jobs, or others who suffered emotional trauma or were exposed to environmental hazards.Emergency responders killed or injured received a total of $1.9 billion, with most of that coming from the government. Payments averaged about $1.1 million more per person than for civilians with similar economic losses, with most of the higher amount due to paym ents from charities.​ Certain features of the Victim Compensation Fund tended to increase compensation relative to economic loss. Other features tended to decrease compensation relative to economic loss. Researchers say more detailed individual data are needed to determine the net effect. For example, the Victim Compensation Fund decided to limit the amount of lost future earnings it would consider when calculating awards for survivors. Administrators capped income the fund would consider at $231,000 per year in projecting future lifetime earnings, even though many people killed earned more than that amount. The special master of the Victim Compensation Fund had substantial discretion to set final awards for higher income earners, but data are not available on how he exercised that discretion.

Bacteriophage Life Cycle Animation

Bacteriophage Life Cycle Animation Bacteriophages are viruses that infect​ bacteria. A bacteriophage can have a protein tail attached to the capsid (protein coat that envelopes the genetic material), which is used to infect the host bacteria. All About Viruses Scientists have long sought to uncover the structure and function of viruses. Viruses are unique they have been classified as both living and nonliving at various points in the history of biology. A virus particle, also known as a virion, is essentially a nucleic acid (DNA or RNA) enclosed in a protein shell or coat. Viruses are extremely small, approximately 15 - 25 nanometers in diameter. Virus Replication Viruses are intracellular obligate parasites, which means that they cannot reproduce or express their genes without the help of a living cell. Once a virus has infected a cell, it will use the cells ribosomes, enzymes, and much of the cellular machinery to reproduce. Viral replication produces many progeny that leave the host cell to infect other cells. Bacteriophage Life Cycle A bacteriophage reproduces by one of two types of life cycles. These cycles are the lysogenic life cycle and the lytic life cycle. In the lysogenic cycle, bacteriophages reproduce without killing the host. Genetic recombination occurs between the viral DNA and the bacterial genome as the viral DNA is inserted into the bacterial chromosome. In the lytic life cycle, the virus breaks open or lyses the host cell. This results in the death of the host. Bacteriophage Life Cycle Animation Below are animations of the lytic life cycle of a bacteriophage.Animation AThe bacteriophage attaches to the cell wall of a bacterium.Animation BThe bacteriophage injects its genome into the bacterium.Animation CThis animation shows the replication of the viral genome.Animation DBacteriophages are released by lysis.Animation ESummary of the entire lytic life cycle of a bacteriophage.

Disadvantages and Tax Consequences of Partnerships Essay

Disadvantages and Tax Consequences of Partnerships - Essay Example This paper discusses that  a partnership has some tax benefits in comparison to other different business entities. Thus, for example, loss or income distribution or allocation should be proportional to the ownership stakes of the stakeholders of a given corporation, whereas for a partnership, it may allocate cash flow or income amongst the partners that suits them best. In addition, a partnership allows resource pooling, needs basic filling requirements, avoids double taxation like that of corporate profits together with being reasonably easy to suspend operations. A partnership can therefore liquidate tax-free, but a corporation is usually taxed at the entity point whenever it liquidates. The other tax break for a limited partnership concerns limited partners. Normally, general partners usually pay self-employment taxes since they are involved actively in the daily running of their business operations.This essay stresses that  self-employment taxation comprises of Medicare and S ocial Security taxes put together and normally accounts for 15.3% of the total income of a partner as of 2013.It is important to note that a limited partner who does not take part in the operation of the business is not entitled to self-employment taxation.  A conventional partnership usually has authority distributed equally between the partners, and thus, no hierarchy of authority exists.  Inflexibility is particularly undesirable when the partners have existing disagreements amongst themselves.

Engineering Ethics Essay Example | Topics and Well Written Essays - 3000 words

Engineering Ethics - Essay Example The whole logical decision making procedures begin with scrutinizing the project that falls under the domain of the engineering professional field and analyzing the output or the consequences of those projects within the circumstances that encircles the most preserved ideals and principles. At later stages, these engineering ethics listed ideals are being actively considered by scientific and technical professionals in a situation of necessity specially those which would create public roles out of those professionals in situations where their understanding of technology and its impact could become a sapling with a potential to enable common public to have a peek into new thinking, debate, and action. Hence, ethical responsibility has now moved beyond the earlier definition that revolves around decency, honesty and truthfulness in life. At the same time, it has moved past the concept of wise decision making and is now more than mere selection through those wise concepts over choices s plattered suddenly or better to say unexpectedly. The moral for an individual should now diversify with the spurted desire to involve others and forming a team in taking decisions with a purpose to define the steps undertaking the crucial choices. The difficulty over here is that of utilizing own intelligence that might sometime challenge the dominance of the technology and machines (Collins). Various societies of professional Engineers have provided code of ethics for engineers. Almost all those enlisted codes underscore the importance of engineering profession and how an engineering profession makes changes to this world could and hence needs to follow those codes. The structure over which this world now relies for day to day movement and work is very much a result of efforts made by Engineering for centuries. They have got direct and vital impact on common man's life and their quality of living. Their presence is everywhere either in form of service or products that have now become indispensible. The electricity, electronic equipments, the houses we live, the roads e travel, the vehicle we board, the communication devices through which we make virtual connection with the rest of the world. The presence of engineering marvel is spread all across. Now, here comes the point which encircles over issues that makes the code of engineering ethics important. The engineers are s upposed or better to say have a say almost everywhere including public health, safety and welfare. So, they need to practice highest level of honesty, fairness, impartiality and equity. The standard of professional behavior being practiced by engineers should enlighten itself through highest principles of ethical conduct (NSPE, [National Society for Professional Engineers]). The code begins with some fundamental canons. These provides point wise list following which is a must when engineers are observing their professional duties. These canons have great importance as they necessitate the importance of engineering as a profession and at the same time provide engineers a level of seriousness to their existence and utilization as a professional. The code states that the most important of all is nothing but public's safety, welfare and

Blast Report Essay Example for Free

Blast Report Essay Blast Report The case study I received was about a family of four that was experiencing symptoms of fever, abdominal cramping, and diarrhea. The children were affected more severely than the adults. It seems that the family consumed spoiled food considering that their fridge broke early in the day and they ate the food that was in there later on. My blast came up with a 99. 6% match with Salmonella typhimurium. This seems to be an accurate match considering the symptoms related with a Salmonella typhimurium infection. Salmonella causes gastroenteritis with symptoms f diarrhea, vomiting, fever, and abdominal pain with elderly people, children and pregnant women being at greatest risk of developing infection. This is consistent with the familys children having more severe symptoms. Symptoms typically last two to five days. S. typhimurium causes infection by invading the intestinal mucosa and multiplying in specialized vacuoles and then invading the liver and spleen where it causes systematic disease. S. typhimurium enters the host orally through spoiled or undercooked meat and the incubation period is about 12 to 24 hours. It can also be transmitted through the fecal matter or contaminated water which can easily happen in poorly developed countries with poor waste management. Infection of S. typhimurium is highest in countries with poor sanitation but it can occur in any part of the world. The infection should clear up on its own for healthy individuals with access to clean water and food but if the infection spreads to the bloodstream, antibiotics will need to be taken. Transmission can be easily prevented by properly handling and cooking food, and by washing hands often. Since this family is therwise healthy and has access to clean food and water, they should be fine within a few days with no need for antibiotics. S. typhimurium is a rod shaped gram-negative bacterium. It is a facultative anaerobe so it does not require oxygen to survive. It is also motile via use of flagella. Unlike most Salmonella species, S. typhimurium does not ferment lactose. The citation I selected discusses the effect of the addition of nisin to current Salmonella antibiotics. Overuse and abuse of antibiotics has lead to a serious ongoing problem of antibiotic resistance.

othello :: essays research papers

Othello, Moorish commander of the armed forces of Venice, had secretly married Desdemona, the much younger daughter of the respected Senator Brabantio. Capitalizing on this news, Othello's ensign, Iago, who had earlier professed his desires to Desdemona without receiving her love in return, sought revenge. Also passed over for promotion as Othello's new lieutenant chief of staff, the Moor having chosen instead a loyal Florentine, Michael Cassio, Iago now devised a scheme to rid himself of these sorry reminders of his own failings. He dispatched his inexperienced follower, Roderigo, to inform Brabantio of the illicit marriage. The thought of a beguiling Moor's marrying his beloved daughter without consent, led the Senator with his guards to Othello's house. However, violence was postponed by the report of an imminent attack on Cyprus from armed Turkish galleys. The Duke of Venice summoned Othello to the senate chambers. When Desdemona appeared and professed her love for Othello, the Duke cleared him of wrongdoing, saying to Brabantio, "If virtue no delighted beauty lack, / Your son-in-law is far more fair than black." Then the Duke directed his courageous commander to lead the Venetian forces to Cyprus in its defense. With his honor intact, and through Desdemona's pleas to remain with her love, Othello gained permission to have her sail with him. For the voyage, Othello entrusted Desdemona to the care of Iago's wife, Emilia, who did not suspect her husband's treachery. Before the soldier band could reach its enemy, a storm destroyed the Turkish fleet and dispersed the Venetian vessels. Fortunately, all of Othello's ships returned safely to Cyprus and Othello and his bride were reunited. Iago's hateful plan turned now to lies and innuendo. Seeing the infatuation his pawn Roderigo had for Desdemona, Iago engaged Rodcrigo in conversation, promising that he could secure for him Desdemona's love: I hate the Moor. My cause is hearted: thine both no less reason. Let s be conjunctive in our revenge against him. If thou canst cuckold him, thou dost thyself a pleasure, me a sport. But then evil Iago demanded a price for Desdemona: Roderigo would have to engage Cassio in a fight during the lieutenant's night watch. Iago further fanned Roderigo's readiness to kill Cassio by claiming that Cassio was Desdcmona's latest love. That night Iago succeeded in getting Cassio drunk, and the brawl turned to riot. By way of reprimand, Othello was forced to demotc Cassio, a severe blow to the high-ranking officer.

The writeup focuses on the lives of individuals

Is a book that describes how low ranking and shy individuals have suddenly become   a public figure And the question will be that of what siginificance is homosexuality history in Africa? And how this information can help in the fight against the scouge of HIV AIDS ,inequality in socal status as well as gender violence in African continent.The writeup focuses   on the lives of individuals who do not comply with the societal conventios   in regards to marriage and love drawing from Epprecht and  Ã‚   books.HUNGOCHANI is a book written by Eppreth on nauthodox and nonconforming sexuality in southAfrica.coupled therefore with intelligent writing from other writers one can get a clear image of individuals who do practice   what their environment expect as core values.Additional material includes several fictionalised accounts of same-sex relationships in southern Africa.The greatest shocker in Africa in the recent period is the emergence of terms like homosexuality,gay legal rig hts and homophobia and lesbianism all to the chagrin and annoyance of many.Ephereth   book also reported incidence of same sex marrage for instance in 1990,GALZ was founded in ZIMbabwe   with the objective   of enhancing interaction among the gay group members.They have moved further at resent by looking for how to form alliance with activist organization such as he womens;s right campaign group , organizations campaigning agaist HIV/AIDS and human rights groups.The aims of GALZ in Zimbabwe is therefore to increase gays rights awareness in a compound forum thereby facilitating the incorporation of this rights along with some of the other fundamental human rights.This is an area that civil organization are yet to have headway in south Africa.Ghana became in 1957 the first country in colonial Africa to gain its independence. Lesbians and gays, though, are still waiting to be liberated from a repressive British legacy: sodomy laws.A gay social life exists, mostly in the form of h ouse parties, and a few queer-friendly clubs in the capital, Accra, but there are risks. Because homosexuality is illegal, club-goers, especially tourists, risk blackmail. If they don't pay, social and legal consequences can be serious.The book examines   is   a mix of works in the gay and lesbian   associations and it uses journals and other significant materials   to make new record in this regards.the books gave atreatise on therecords of Lesbians   and gays in the Japanese pacific fight   issues like gayism,trangenderism a and also lesbianism.It delves in to queer roups interface in the growing international community and US ,it argues the meaning attributed to the various queer society and opes the eyes of readers to the development o gays and lesbians in the japan after the war .Mac Clelland article titled the social situation facing gay in japan   demonstreates how the society sees and reacts to Queers and reveals the whole organization of Japanese nation and th e expent of tolerancr to sexual minorities as they have   a strong component of the   Human Rights policies constructed by the â€Å"Tokyo City Human Rights Policy Directive Manual released in 2000†.The promise to protect the human rights was made by Japanese government following resistance from the Japanese public,Queer activist group and human rights organization when the policy of 200 excluded the inclusion of gays

Indias Foreign Trade Policy Essay

In the last five years India’s exports witnessed robust growth to reach a level of US$ 168 billion in 2008-09 from US$ 63 billion in 2003-04. India’s share of global merchandise trade was 0.83% in 2003; it rose to 1.45% in 2008 as per WTO estimates. India’s share of global commercial services export was 1.4% in 2003; it rose to 2.8% in 2008. India’s total share in goods and services trade was 0.92% in 2003; it increased to 1.64% in 2008. On the employment front, studies have suggested that nearly 14 million jobs were created directly or indirectly as a result of augmented exports in the last five years. As the export sector has been a major casualty in this downturn the Indian Government has set in motion strategies and policy measures which will catalyse the growth of exports. The short term objective of the Foreign Trade Policy (2009-14) is to arrest and reverse the declining trend of exports and to provide additional support especially to those sectors which have been hit badly by recession in the developed world. The Policy Objectives are as follows: a) Achieving an annual export growth of 15% with an annual export target of US$ 200 billion by March 2011. b) In the remaining three years of this Foreign Trade Policy i.e. upto 2014, the country should be able to come back on the high export growth path of around 25% per annum. c) By 2014, the policy aims to double India’s exports of goods and services. d) The long term policy objective for the Government is to double India’s share in global trade by 2020. HIGHLIGHTS OF FOREIGN TRADE POLICY 2009-2014 Higher Support for Market and Product Diversification 1. Incentive schemes have been expanded by way of addition of new products and markets. 2. 26 new markets have been added under Focus Market Scheme. These include 16 new markets in Latin America and 10 in Asia-Oceania. 3. The incentive available under Focus Market Scheme (FMS) has been raised from 2.5% to 3%. 4. The incentive available under Focus Product Scheme (FPS) has been raised from 1.25% to 2%. 5. A large number of products from various sectors have been included for benefits under FPS. 6. Market Linked Focus Product Scheme (MLFPS) has been greatly expanded. 7. MLFPS benefits also extended for export to additional new markets for certain products. 8. A common simplified application form has been introduced for taking benefits under FPS, FMS, MLFPS and VKGUY. 9. Higher allocation for Market Development Assistance (MDA) and Market Access Initiative (MAI) schemes is being provided. Technological Upgradation 1. To aid technological upgradation of our export sector, EPCG Scheme at Zero Duty has been introduced. EPCG Scheme Relaxations 1. To increase the life of existing plant and machinery, export obligation on import of spares, moulds etc. under EPCG Scheme has been reduced to 50% of the normal specific export obligation. 2. Taking into account the decline in exports, the facility of Re-fixation of Annual Average Export Obligation for a particular financial year in which there is decline in exports from the country, has been extended for the 5 year Policy period 2009-14. Stability/ continuity of the Foreign Trade Policy 1. To impart stability to the Policy regime, Duty Entitlement Passbook (DEPB) Scheme is extended beyond 31-12-2009 till 31.12.2010. 2. Interest subvention of 2% for pre-shipment credit for 7 specified sectors has been extended till 31.3.2010 in the Budget 2009-10. 3. Income Tax exemption to 100% EOUs and to STPI units under Section 10B and 10A of Income Tax Act, has been extended for the financial year 2010-11 in the Budget 2009-10. 4. The adjustment assistance scheme initiated in December, 2008 to provide enhanced ECGC cover at 95%, to the adversely affected sectors, is continued till March, 2010. Introduction The gems and jewellery sector is a major foreign exchange earner. Due to its importance in India’s foreign trade, the government has taken many initiatives to boost the sector. The government, for instance, has declared this sector as a thrust area for exports. During the global economic meltdown especially the government has dealt out many initiatives for the badly-affected sector. This chapter focuses on the various policies and measures that were taken by the government for the gems and jewellery sector. Regulating Bodies Gems & Jewellery Export Promotion Council (GJEPC): Established in 1966, the GJEPC is the apex body of the Indian gems and jewellery industry, and has around 6,500 members across India. The primary goal of the Council is to introduce the Indian gems and jewellery to the international market and to promote their exports. The Council provides market information to its members regarding foreign trade inquiries, trade and tariff regulations, rates of import duties, and information about jewellery fairs and exhibitions. The roles played by the GJPEC are broadly highlighted below: Trade Facilitator The Council promotes the Indian gems and jewellery industry in the international market. It organises international jewellery shows, hosts trade delegations, and undertakes image-building exercises through advertisements, publications and audio-visual means. Advisory Role The Council also aids better interaction and understanding between traders and government. The Council takes up relevant issues with the government and agencies connected with exports. It also submits documents for consideration and inclusion in the Exim Policy. Nodal Agency for Kimberley Process Certification Scheme GJEPC works closely with the Indian government and the traders to implement and oversee the Kimberley Process Certification Scheme; in fact, the Council has been appointed as the nodal agency in India under the Kimberley Process Certification Scheme. Training and Research The GJEPC runs many institutes that provide training in all aspects of manufacturing and design in Mumbai, Delhi, Surat and Jaipur. Varied Interests The Council publishes many brochures, statistical booklets, trade directories and a bi-monthly magazine – Solitaire International, which is distributed internationally as well as to its members. Gem & Jewellery Trade Council of India (GJTCI): The GJTCI was founded in 2000, and is tasked with resolving any issue arising from trade in gems and jewellery. It plays an important role in showcasing the Indian gems and jewellery to the international as well as the domestic market. Like the GJEPC, GJTCI also provides information to its members through a monthly newsletter, various educative and trade-motivational events such as seminars, workshops, exhibitions, festivals etc. The Bureau of Indian Standards: The Bureau of Indian Standards (BIS), the National Standards Body of India, is a statutory body set up under the Bureau of Indian Standards Act, 1986 and is responsible for hallmarking gold jewellery in India. Deregulation of Gold in India In the pre-liberalisation period (prior to 1991), severe restrictions on the export and import of gold from and into India were imposed. During that time only the State Bank of India (SBI) and the Metals Trading Corporation of India (MMTC) were allowed to import gold. The reasons for imposing these restrictions were: * To reduce demand for, as well as availability of gold * To alter the savings preferences of the population in favour of investments other than gold/silver * To stop smuggling of gold * To conserve foreign exchange resources * To prevent generation of or to unearth black money. It was thought that since gold was one of the most obvious choices for keeping undeclared/ill-gotten income and wealth, a policy to restrict supply of gold would be effective in curbing black money. Several schemes that restricted the export and import of gold were launched in various forms between 1947 and 1963, but the control regime finally took shape with the implementation of the Gold Control Act 1968. This Act did not allow goldsmiths to receive more than 100 grams of standard gold for manufacturing jewellery. Further, a certified goldsmith was not allowed to possess a stock of more than 300 grams of primary gold at any time. The quantity of primary gold possessed by a licensed dealer was limited between 400 grams and 2 kg, depending on the number of artisans employed. There was a legal ban on gold transaction between dealers. The government abolished the Gold Control Act when the balance of payment crisis occurred in 1990, after which the large export houses could import gold freely. Exporters in the export processing zones were allowed to sell 10% of their produce in the domestic market. In 1993, gold and diamond mining were opened up for private investors and foreign investors were allowed to own half of the equity in mining ventures. In 1997, overseas banks and bullion suppliers were also allowed to import gold into India. These measures led to the entry of foreign players such as De Beers, Tiffany and Cartier into the Indian market. Foreign Direct Investment Policy * At present, the Indian government allows 100% foreign direct investment (FDI) in gems and jewellery through the automatic route. * For exploration and mining of diamonds and precious stones FDI is allowed up to 74% under the automatic route. * For exploration and mining of gold and silver and minerals other than diamonds and precious stones, metallurgy and processing, FDI is allowed up to 100% under the automatic route. Kimberley Process (KP) The Kimberley Process came into force when the South African diamond producing nations met at Kimberley in South Africa in May 2000. The Kimberly Process was set up to discuss ways to stop the trade in ‘conflict diamonds’ and to ensure that diamond purchases did not fund violence. As of November 2008, the KP had 49 members, representing 75 countries. The Kimberley Process Certification Scheme (KPCS) was implemented in India on January 1, 2003 to verify the legitimacy of the import / export of rough diamonds as per the UN resolution and to curb the entry of conflict diamonds into the global trade flow. The system of verification and issuance of KPC is administered from the Mumbai and Surat offices of GJEPC. In India’s Foreign Trade Policy 2009-14, the following measures related to the Kimberley Process Certification Scheme (KPCS) have been adopted: * No import or export of rough diamonds shall be permitted unless accompanied by the KP certificate as specified by the GJEPC. * The export and import of rough diamonds to and from Venezuela has been prohibited by the Indian government owing to the voluntary separation of Venezuela from the KPCS. Government Initiatives to Boost the Sector Measures taken by the government in the Union Budget 2009-10: Customs Duty on Gold and Silver * Customs duty on serially numbered gold bars (other than tola bars) and gold coins to be increased from Rs 100 per 10 gram to Rs 200 per 10 gram. Customs duty on other forms of gold to be increased from Rs 250 per 10 gram to Rs 500 per 10 gram. * Customs duty on silver to be increased from Rs 500 per kg to Rs 1,000 per kg. These increases will also be applicable when gold and silver (including ornaments) are imported as personal baggage Central Excise Duty * Excise duty on branded articles of jewellery to be reduced from 2% to nil. * All categories within HS code 71 except the ‘diamonds whether or not worked but not mounted or set’ (HS code 7102) and certain sub-categories within HS code 7104 and 7106 currently have an excise duty rate of 16%. * The category ‘diamonds whether or not worked but not mounted or set’ (HS code 7102) currently does not attract any excise duty. * Sub-category ‘Piezo-electric quartz’ (HS code 71041000), silver (including silver plated with gold or platinum) in powdered form (HS code 71061000), unwrought (HS code 71069100) and other (HS code 71069290) do not attract any excise duty. Fiscal Stimulus Measures (December 2008) The Reserve Bank of India announced certain fiscal stimulus measures in December 2008 to revive the Indian economy during the onset of the global financial crisis. The following measures were announced for the Indian gems and jewellery sector: * Increasing the post-shipment Rupee export credit period from 90 days to 180 days from November 28, 2008 * Increasing the pre-shipment rupee export credit period from 180 days to 270 days from November 15, 2008 * Providing an interest subvention of 2% up to March 31, 2009, subject to minimum rate of interest of 7% per annum, to make pre and post-shipment export credit for gems and jewellery more attractive * Allowing exporters to avail refund of service tax on foreign agent commissions of up to 10% of FOB value of exports. They will also be allowed refund of service tax on output services while availing of benefits under Duty Drawback Scheme * Banks will charge interest rate not exceeding Benchmark Prime Lending Rate (BPLR) minus 4.5% on pre-shipment credit up to 270 days and post-shipment credit up to 180 days on the outstanding amount for the period December 1, 2008 to September 30, 2009. Export Facilitation Measures by the Ministry of Commerce and Industry Further, in February 2009, the gems and jewellery sector got a special boost from the Ministry of Commerce with the following announcements: Gems and jewellery, diamonds and precious metals were given a special boost by the Ministry of Commerce and Industry, the Export Promotion Council for Gems and Jewellery and Star Trading Houses (in the gems and jewellery sector). Besides, the Diamond India Ltd, MSTC Ltd and STCL Ltd were added under the list of nominated agencies notified under Para 4 A.4 of foreign trade policy for the import of precious metals. * Surat, Gujarat has been given the recognition of a town of export excellence, because it is home to thousands of diamond units that employ many diamond workers. * The authorised persons of gems and jewellery units in export-oriented units will be allowed to carry personal carriage of gold in primary form up to 10 kg in a financial year subject to the RBI and customs guidelines. * Import restrictions on worked corals have been removed to address the grievance of gem and jewellery exporters. Foreign Trade Policy 2009-2014 Foreign Trade Policy has identified the gems and jewellery sector as a thrust area with prospects for export expansion and employment generation. The highlights of the policy are: a. Import of gold of 8 carat and above allowed under replenishment scheme subject to import being accompanied by an Assay Certificate specifying purity, weight and alloy content. b. Duty Free Import Entitlement (based on FOB value of exports during the previous financial year) of consumables and tools, for: 1. Jewellery made out of: i. Precious metals (other than gold and platinum) – 2% ii. Gold and platinum – 1% iii. Rhodium finished silver – 3% 2. Cut and polished diamonds – 1% 3. Duty free import entitlement of consumables for metals other than gold, platinum will be 2% of FOB value of exports during the previous financial year. c. Duty-free import entitlement of commercial samples shall be Rs 300,000. d. Duty free re-import entitlement for rejected jewellery shall be 2% of FOB value of exports. e. Import of diamonds on consignment basis for certification/ grading and re-export by the authorised offices/agencies of Gemological Institute of America (GIA) in India or other approved agencies will be permitted. f. To promote export of gems and jewellery products, the value limits of personal carriage of gems and jewellery products in case of holding/participating in overseas exhibitions increased to US$ 5 mn and to US$ 1 mn in case of export promotion tours. Further, the limit in case of personal carriage, as samples, for export promotion tours, has been increased from US$ 0.1 mn to US$ 1 mn. g. Extension in number of days for re-import of unsold items in case of participation in an exhibition in the US increased to 90 days. h. In an endeavour to make India a diamond international trading hub, diamond bourses will be planned. i. Gems and jewellery units may sell up to 10% of FOB value of exports of the preceding year in Domestic Tariff Area (DTA), subject to fulfilment of positive Net Foreign Exchange (NFE). In respect of sale of plain jewellery, recipient shall pay concessional rate of duty as applicable to sale from nominated agencies. In order to boost the gems and jewellery sector, the value addition norms were reduced in the FTP 2009-14. Earlier, owing to abrupt fluctuation in gold prices, exporters were unable to comply with the previous high value addition norms. Under the scheme for export of jewellery, value addition shall be calculated as per paragraph 4 A.6 of FTP. Minimum value addition shall be: Special Economic Zones (SEZ) In order to boost foreign trade and investment, the Indian government introduced the SEZ policy in April 2000 under the Export-Import (EXIM) policy. Under the policy, the government allowed companies to set up units in SEZ to manufacture goods or provide services that facilitated a hassle-free environment for exports. However, it was the SEZ Act 2005 – passed in February 2006 – that laid down regulatory frameworks and rules for setting up and for the operation of SEZs. With extended tax holidays up to 15 years – from previous tax holiday of 10 years, the SEZ Act managed to generate considerable level of interest; as a result, the number of SEZs witnessed a sharp rise in a matter of few years. The Act envisages promoting exports of goods and services, promoting FDI, creating employment, generating economic activity and most importantly, developing infrastructure. To promote the exports of gems and jewellery, the government has set up various SEZs with specific incentives. Some important government policies relating to SEZs in the gems and jewellery sector are highlighted below: * No import or export of rough diamonds will be permitted unless the shipment parcel is accompanied by the Kimberley Process Certificate issued by the Development Commissioner. * Cut and polished diamonds and precious and semi-precious stones (except rough diamonds, precious or semiprecious stones having zero duty) shall not be allowed to be taken outside the SEZ for sub-contracting. * A gem and jewellery unit may receive plain gold or silver or platinum jewellery from the Domestic Tariff Area or from an EOU or from a unit in the same or another SEZ in exchange of equivalent content of gold or silver or platinum contained in the said jewellery after adjusting permissible wastage or manufacturing loss allowed under the provisions of the Foreign Trade Policy read with the handbook of procedures. * The DTA Unit undertaking sub-contracting or supplying jewellery against exchange of gold or silver or platinum shall not be entitled to export entitlements. ————————————————- Sector Overview India has significant reserves of gold, diamond, ruby and other gemstones. Key states with gemstone reserves and mining potential are Maharashtra, Madhya Pradesh, Orissa, Chattisgarh, Bihar and Andhra Pradesh. Orissa has deposits of ruby and has about 20 varieties of various gemstones such as rhodoline, garnet, aquamarine, etc. Andhra Pradesh has gold and diamond bearing areas, as well as occurrences of semi-precious and abrasive stones spread over different districts. Diamonds are mined only at Panna in Madhya Pradesh by the National Mining Development Corporation. The two major segments of the sector in India are gold jewellery and diamonds. The country is the largest consumer of gold, accounting for more than 20% of the total world gold consumption. Gold jewellery forms around 80% of the Indian jewellery market, with the balance comprising fabricated studded jewellery that includes diamond and gemstone studded jewellery. A predominant portion of the gold jewellery manufactured in India is consumed in the domestic market. India is world’s largest cutting and polishing centre for diamonds; the cutting and polishing industry is well supported by government policies and the banking sector with around 50 banks providing nearly USD 3 billion of credit to the Indian diamond industry. It is considered to be diamond polishing and processing capital of the world as its artisans are skilled in processing small-sized diamonds. At present, India exports 95% of the world’s diamonds, according to statistics released by the Gems and Jewellery Export promotion Council (GJEPC). A major portion of the rough, uncut diamonds processed in India is exported, either in the form of polished diamonds or finished diamond jewellery. The size of the Indian gems and jewellery market is was USD 30.1 billion in 2011 and is expected to be USD 45 billion by 2015 on the back of increasing domestic demand. The country is one of the largest exporters of gems and jewellery and the industry is considered to play a vital role in the Indian economy as it is a leading foreign exchange earner. The sector is expected to generate up to USD 35 billion of revenue from exports by the year 2015. The countries where demand is increasing for Indian jewellery include the UAE, the US, Russia, Singapore, Hong Kong, Latin America and China. The sector provi des employment to around 1.8 million people. In the next five years, the sector is expected to create additional employment for around 1.1 million people. FDI into the diamond and gold ornaments sector was USD 302 million from April 2000 to April 2011, as per statistics released by the Department of Industrial Policy and Promotion (DIPP), which is part of the Ministry of Commerce and Industry, and is charged with the framing of the country’s FDI policy. The hub of India’s jewellery industry is Mumbai that receives the majority of the country’s gold and rough diamond imports. Mumbai has a considerable number of modern, semi-automatic factories and laser-cutting units, the majority of which are located in the special economic zone. Most of the diamond processing, though, is undertaken in Gujarat, (primarily in Surat, Bhavnagar, Ahmadabad and Bhuj) and in Rajasthan (Jaipur). Policy and Promotion The government has announced several measures for the promotion of the gems and jewellery sector in the New Foreign Trade Policy (2009-2014), some of the important ones being: ï‚ · To neutralize duty incidence on gold jewellery exports, duty drawback on such exports is now allowed. ï‚ · Import of diamonds on consignment basis for certification/grading and re-export by the authorized offices/agencies of Gemological Institute of America (GIA) in India or other approved agencies to be permitted. ï‚ · To promote exports of gems and jewellery products, the value limit of personal carriage has been increased from USD 2 million to USD 5 million in case of participation in overseas exhibitions. The limit in case of personal carriage as samples for export promotion tours has also been increased from USD 0.1 million to USD 1 million. ï‚ · The number of days for re-import of unsold items in the case of participation in an exhibition in the US has been increased to 90 days. The gover nment plans to establish diamond bourses in an endeavour to make India an international diamond trading hub. ï‚ · 100% FDI is permitted in the gems and jewellery sector through the automatic route. ï‚ · Gems and jewellery SEZs have been set up to promote investments in the sector. The names of operational SEZs in the sector are SEEPZ Special Economic Zone, Mumbai; Manikanchan SEZ, West Bengal; Jaipur SEZ; and Hyderabad Gems SEZ Ltd. Further, formal approval has been given to 13 SEZs in the sector — three have got in-principal approval and seven have been notified, as per the SEZ Board of Approval statistics. Major Players The gems and jewellery market essentially comprises sourcing, processing, manufacturing and selling of precious metals and gemstones such as gold, platinum, silver, diamond, ruby, sapphire, among others. This industry is highly unorganised and fragmented with 96% of the total players being family-owned businesses. Currently there are more than 500,000 gems and jewellery players across the country, with the majority being small players. Modern retail players have only 4% to 6% share, which is perhaps one of the lowest when compared to other sectors such as apparel, footwear, books and music. At the same time, India is gaining prominence as an international sourcing destination for high-quality designer jewellery. Global companies such as Walmart and JC Penney procure jewellery from India. Some of the major brands in the Indian jewellery segment are Gili, Tanishq, Carbon, Oyzterbay and Trendsmith. The major players in the Indian gems and jewellery retail sector are Reliance Retail, Damas Jewellery, Gitanjali Gems Ltd., Swarovski, Diamond Trading Company, Vardhaman Developers, Dubai-based Joy Alukkas, Viswa and Devji Diamonds and Gold Souk India. Sector Outlook A FICCI-Technopak report estimates that gems and jewellery exports will grow to USD 58 billion by 2015. It also estimates that the domestic market for gems and jewellery will touch USD 35 billion to USD 40 billion by 2015. India has several strengths that have made it a significant force in the global gems and jewellery business. These are: ï‚ · Highly skilled, yet low-cost labour. ï‚ · Established manufacturing excellence in jewellery and diamond polishing. ï‚ · India is the most technologically advanced diamond cutting centre in the world. ï‚ · Opportunity to address one of the world’s largest and fastest-growing gems and jewellery markets. ï‚ · Opportunity to leverage India’s strengths to address the global market. One of the most encouraging trends visible in the Indian gems and jewellery market is that the country is now beginning to move towards branded jewellery and consumers are increasingly accepting modern retail formats. According to the FICCI-Technopak report, this would act as a catalyst for change and may impact traditional players, who would need to upgrade to keep pace with changing market trends. It is expected that, going forward, traditional players will coexist with modern players — this is, in fact, the trend in international markets where independent jewellers still hold significant market share. (b) Gems and Jewellery sector ï‚ · Export of Gems & Jewellery by Personal carriage through Mumbai and Jaipur Airports: Export of diamonds, gemstones and gold jewellery through personal carriage through Mumbai and Airports stopped though it is allowed in other airports. Customs authorities have stopped the facility of personal carriage of gems and jewellery both for export and import at Mumbai and Jaipur. → Mumbai Customs Commissionerate opines that the facility can be started only if the safe deposit vault is installed by the Bharat Diamond Bourse (BDB). BDB has requested Mumbai International Airport Private Limited for allocating space of 200 sq ft for constructing the safe deposit vault for custody of personal carriage of import and export of precious cargo. Exporters want this to start immediately by using the available vault of customs at Airport. Recently, export by personal carriage was allowed in Mumbai Airport. However, customs authorities need to sort this out for smooth and continuous functioning of this facility. → Jaipur has limited international flights and there is no problem in personal carriage of these facilities for such flights. When Gateway ports other than Jaipur (like Delhi) are used the problem arises. Customs authorities in these airports do not accept the sealing of goods done in Jaipur. Exporters feel that gems and jewellery parcels may be allowed to be appraised by Jaipur customs and the Gateway airports may be instructed to accept the documents signed by Jaipur customs appraiser. This is a procedural issue and customs need to resolve it.

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