Government yesterday slashed import tariff value of gold and silver to 405 USD per ten grams and 642 USD per kg, respectively, in line with global trends.
The value of the import tariff is the base price on which the customs duty is determined to keep under-invoicing. The value of the tariff on imported gold stood at $ 414 per 10 grams, while silver at USD 672 per kg until yesterday.
The notification to this effect has been issued by the Central Board of Excise & Customs (CBEC), said an official statement.
In addition to precious metals, the value of the import tariffs also imported brass scrap has been reduced to $ 3,906 a tonne from $ 3,995 per tonne. However, the value of import tariff areca nut and some vegetables has remained unchanged.
The value of the tariffs on imported Poppy seeds has risen to $ 2,781 a tonne from $ 2,556 per tonne that prevailed as of yesterday.
The value of import tariffs on gold has changed due to the volatility of precious metals in the global marketplace.
International gold prices have dropped below USD 1,250 an ounce now from the level of $ 1322 per ounce earlier this month. Similarly, the silver prices have fallen below $ 20 per ounce.
However, domestically, gold prices were governing firm at Rs 31,320 per ten grams in the capital city due to high premium rates on the yellow metal as a result of tight supply following the government’s gold import curbs.
India, the world’s largest gold consumer, imported 393.68 tonnes of the yellow metal in the period April-September this year, according to official data.
Taken by the government several steps to reduce gold imports, including increased tariffs.
Reported: India Times