The Government has raised the import tariff value of gold to $459 per 10 grams, while it has been slashed at $737 per kg for silver imports.
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 $440 per 10 grams and silver at $761 per kg.The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).
Government has raised the import tariff value of gold as global prices have steadily been going up. On May 31, gold prices in Singapore rose to a two-week high of $1421 per ounce but the metal prices fell later to close at $1388.30.
However, silver prices declined by 2.24 per cent to $22.27 per ounce last week.India’s gold import in April-June period is expected to touch a record level at 300-400 tonnes, as against 153 tonnes in the year-ago period, according to the World Gold Council (WGC) estimate.