The government has lifted the import tariff value on gold to $369 per 10 grams taking strong cues from the global market.The tariff value on silver was however reduced to $471 per kg.
In the second fortnight of August, the import tariff value on gold was $363 per 10 grams and on silver it was $499 per kg. The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value is revised on a fortnightly basis.
Gold is the second-largest import item for India after petroleum. Higher gold import bill adversely affects the country's current account deficit, which occurs when value of import of goods and services is more than exports.
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