The import tariff value on gold and silver has been cut to $359 per 10 grams and $470 per kg respectively. The Government has taken this step following the weak global cues. The tariff value on imported gold was $369 per 10 grams and on silver it was $471 per kg in the first fortnight of this month. The tariff value is revised on a fortnightly basis.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The change in tariff value of these precious metals has been notified by the Central Board of Excise and Customs.
Gold is the second-largest import item for India after petroleum. The country’s gold imports increased by 140% and stood at $4.95 billion in August this year, from $2.06 billion in the same month last year.