The import tariff value of gold and silver has been raised to $407 per 10 grams and $663 per kg, respectively, as per notification issued by the Central Board of Excise and Customs (CBEC). The tariff value on imported gold earlier stood at $392 per 10 grams on silver at $638 per kg. Import tariff value is the base price at which customs duty is determined to prevent under-invoicing.
The tariff value on imported brass scrap has also been increased to $3,995 per tonne from $3,940 per tonne, while the tariff values on imported poppy seeds remain to $3,195 per tonne.
During the April-September period of this fiscal, India, the world’s largest consumer of gold, imported 393.68 tonnes of the precious metal. The government has taken several steps to reduce gold imports, including hike in custom duties.