Govt hikes tariff value for gold, silver imports
30 Oct 2015
The government today announced increases in the import tariff value for gold and silver to $373 per 10 grams and $517 per kg respectively, up from $368 per 10 grams and $474 per kg for the current month.
The Central Board of Excise and Customs today notified the changes in tariff value of these precious metals.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. Normally, the tariff value is revised on a fortnightly basis, but this time it has been changed after a month.
Meanwhile, gold prices at the London market recovered slightly in the morning trade today but remained near three-week lows after recent statements from a US Federal Reserve meeting suggested a December rate increase is still on the cards.
Spot gold prices at the London market rose by 0.06 per cent to $1,148.00, after closing 2.5 per cent lower on Thursday.
In the national capital, gold prices slipped below Rs27,000 per 10 gram on Friday on global cues.
The country's gold imports have reduced to almost half in September this year to $2 billion, against $3.783 billion in the year-ago period, as per the government data.
Gold is the second-largest import item for India after petroleum.