The Government on Wednesday announced a reduction in the import tariff value of gold to $417 per ten gram, while kept the tariff unchanged for imported silver at $738 per kg. The decision came in order to keep the prices of precious metals in line with the global markets.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value on imported gold stood at $ 440 per 10 grams.
The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official statement said.However, the tariff value on imported silver, brass scrap, vegetable oils and areca nut has been kept unchanged.
The import tariff value on gold has been changed taking cues from the global market. In New York, the yellow metal fell to Rs 1266.20 per ounce last night from the level of 1322.2 per ounce early this month. Similarly, silver prices have also declined to $ 20.70 per ounce.
In the national capital, gold prices declined by Rs 315 to Rs 31,500 per 10 grams today, while silver lost Rs 850 to Rs 48,000 per kg following weak global trend.