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  3. Govt lowers import tariff value of gold to $417 per 10 gram

Govt lowers import tariff value of gold to $417 per 10 gram

14 Nov 2013 Evaluate

The government has slashed the import tariff value of gold to $417 per 10 gram from $440, in line with global rates of the precious metals, which could lead to some softening in the price of the precious metal. Tariff value or the base price is set to determine the customs duty on the precious metal and to prevent under invoicing. However, the import tariff value of silver has been kept unchanged at $738 per kg. 

Currently, despite fall in global gold prices, it is being sold at a high premium in domestic market owing to the supply crunch caused by government's measures to restrict the import of the precious metal in an effort to check country’s widening current account deficit (CAD). Rising gold import has become a cause of concern for the government as it remains second major factor after crude oil for high CAD, which widened to a record high of 4.9 percent of GDP in the April-June quarter, 2013. The government has set target to contain country’s CAD at 3.7 percent of GDP for the current fiscal.

Meanwhile, the government’s measures to contain the gold imports have started yielding results as imports of gold and silver declined by 79.9% to $1.37 billion in October from a year earlier. Recently, the RBI introduced 80/20 rule under which 20% of all gold imports by jewellers have to be re-exported while, the government hiked gold imports rates to 15%. India’s gold import is likely to come down to between 800-850 tonnes in current fiscal from 950 tonnes in FY13 on the back of sharp hike in import duty by the government and restrictions put by the RBI.

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