Government on Monday slashed the import tariff value on gold and silver to $404 per ten grams and $635 per kg, respectively, taking into account the volatility in the global prices Import tariff value is the base price at which customs duty is determined to prevent under-invoicing. The tariff value is revised on a fortnightly basis after analysing the global price trend.
Till yesterday, the tariff value on imported gold was at $ 407 per ten grams, while on silver it stood at $ 663 per kg. The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official release said. Besides precious metals, the tariff value on imported brass scrap has been cut to $3,959 per tonne from $3,995 per tonne, while those on crude soyabean oil has been reduced to $ 917 per tonne from $ 944.