Government yesterday on friday slashed the value of import tariffs on gold at $ 398 per ten grams while silver rises slightly in to $ 643 per kg aligned with global trends.
The tariff value of the imported gold is the base price on which the customs duty is determined in order to avoid under-invoicing. The value of the tariff on imported gold stood prior 405 USD per 10 grams, while silver at USD 642 per kg.
The notification to this effect has been issued by the Central Board of Excise and Customs (CBEC), said an official statement.
In addition to precious metals, the value of the tariff for imported brass scrap has risen to $ 3,930 per tonne from $ 3,906 per tonne.
Value of tariff for poppy seeds imported also has elevated to $ 3,154 a tonne from $ 2,781 per tonne.
By extending losses for the second consecutive day, the prices of gold dropped Rs 340 to Rs 30,700 per ten grams in the capital city yesterday on heavy sell-by wholesalers in tandem with a weak global trend.
Silver also dropped by Rs 1,430 per kg to the poor extraction of the industrial units and coin makers.
India, the world’s largest consumer of gold, imported 393.68 tonnes of the yellow metal in the period April-September this year, according to official data.
The government has taken various measures to reduce gold imports, including increased tariffs.
Reported PTI News: Financial Express