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Gold and Silver import tariff value gets slashed

25 Jun 2013 Evaluate

The government has reduced the import tariff value of gold from $459 to $421 per 10 grams and that of imported silver from $737 to $709 per kg, considering the falling trend in global prices. Global prices in Singapore have been inconsistent in the last few days mainly leading to the import tariff value reduction of gold. Tariff value is the base price which is used in the customs duty determination to prevent under-invoicing.

As per the Bombay Bullion Association, India's gold import in the second quarter of the current fiscal year is anticipated to more than halve to 150 tonnes as against around 350 tonnes in the April-June period of the 2013-14 fiscal.

Besides precious metals, the government has increased the import tariff value of RBD palmolein from $854 to $869 per ton, however the tariff value of other varieties of edible oil have been kept unchanged.

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