New Delhi: The Finance Minister Pranab Mukherjee is facing criticism from all corners due to the Union Budget 2012-13. Now it seems that he is trying to woo common man with his statements that there are chances of cutting key policy rates next months. He said that with inflation coming down, the Finance Ministry may contemplate over policy rate cut in consultation with the Reserve Bank of India (RBI).  

The statement of the Finance Minister is considered to be very important from the perspective that the Annual Monetary Policy is due next month. Along with this, Pranab Mukherjee has dismissed any chances of withdrawing customs duty on gold imports. He said that gold imports last year was worth USD 46 billion. Gold in India is of social importance but we cannot afford to spend valuable forex reserve on its imports. He has assured bullion traders on mulling over rollback of proposed excise duty on non-branded jewellery. As well, the government may think over the demands of discontinuing PAN card requirement on purchase of jewellery worth Rs 2 lakh.

With the controversy over imposing tax on the profits of FIIs with General Anti-Avoidance Regulation in the Union Budget, the Finance Minister has indicated about adopting soft approach towards it and said that it is subject to changes as per requirements. Short-term capital gains with FIIs will also come under the ambit of GAAR.