Advertisement

HindustanTimes Wed,30 Jul 2014

Govt cuts import tariff value of gold, silver

PTI  New Delhi, June 24, 2013
First Published: 20:56 IST(24/6/2013) | Last Updated: 21:08 IST(24/6/2013)

The government on Monday slashed the import tariff value of gold to $421 per ten grams and that of imported silver to $709 per kg, considering the falling trend in global prices.


Advertisement

Tariff value is the base price on which the customs duty is determined to prevent under-invoicing.

Last month, the tariff value of gold was at $459 per 10 grams and silver at $737 per kg.

The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).

Government has reduced the import tariff value of gold as global prices in Singapore have been volatile in the last few days. Global prices today fell by 1.4% to $1,278.94 an ounce and silver by 2.8% to $19.55 an ounce. A similar trend was seen in silver rates as well.

India's gold import in the second quarter of the current fiscal is expected to more than halve to 150 tonnes, as against around 350 tonnes in the April-June period of the 2013-14 fiscal, as per the Bombay Bullion Association.

Gold in the national Capital is costing around Rs. 27,320 per 10 grams, while silver at Rs. 42,500 per kg.

Besides precious metals, the government has hiked the import tariff value of RBD palmolein to $869 per tonne, as against $854 per tonne. The tariff value of other varieties of edible oil have been kept unchanged.


Advertisement
more from Business

Amazon to invest $2 bn more in India, after Flipkart announces $1 bn fresh funding

Amazon.com Inc will invest an added $2 billion in India as the e-commerce giant ramps up business in the country, the company said on Wednesday, a day after local rival Flipkart announced a fresh round of funding worth $1 billion.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved