Government Hikes Import Tariff Value on Gold

The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices. The import tariff value on silver, however, was reduced to $443 per kg.
For the first fortnight of this month, the import tariff value on gold was fixed at $354 per 10 gram and on silver was $457 per kg. The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. It is normally revised on a fortnightly basis.

The change in tariff value of these precious metals has been notified by the Central Board of Excise and Customs.

The import tariff value of gold and silver has been changed taking into account the price trend in the global market and rupee situation.

In London, both gold and silver prices were today ruling down at $1112.30 per ounce and $14.20 per ounce, respectively. However, rupee is ruling at a 29 months low.

The country's gold imports have more than doubled to $3.80 billion in December 2015 driven by dip in global prices, as against $1.36 billion in the year-ago period.
Source : NDTV