The government has drastically reduced the import tariff value of gold and silver to $ 404 per ten grams and $ 635 per kg, respectively, considering the volatility of world prices.
Until Sunday, the value of the tariff on imported gold was $ 407 per ten grams, while silver was at $ 663 per kg.
Value of import tariff is the base price on which the customs duty is determined to prevent under-invoicing. The value of the tariff is revised every fortnight after analyzing the global prices trend.
The notification to this effect has been issued by the Central Board of Excise and Customs (CBEC), an official statement said on Monday.
In London, gold prices slipped on Monday by 0.33 percent to $ 1,241.80 per ounce, while silver fell 0.23 to $ 19.12 per ounce. The prices of gold and silver remained domestic until after weak global trend in prices.
Gold is the second largest import element in India, after the oil import. However, it is expected that gold imports to decline this year as the government has taken several measures to curb shipments to address the high current account deficit.
According to the agency jewelers, total gold imports may fall below 500 tonnes this fiscal year due to these restrictions, 845 tonnes in the last year.
In addition to precious metals, the value of the tariff of imported brass scrap has been reduced to $ 3.959 per tonne from $ 3,995 per tonne, while crude soybean oil has dropped to $ 917 per ton of $ 944.
Similarly, the value of the tariff on the import of RBD palmolein has been reduced to $ 898 per tonne from $ 902, while the imported crude palm oil has been reduced to $ 857 per tonne from $ 877.
Reported News Source: PTI News Economic Times