According to the notification of the Central Board of Excise and Customs (CBEC), due to the volatility in the price of gold in global markets the Government has raised the tariff value on the import of gold to $472 per 10 grams.
Tariff value is the base price on which the customs duty is determined to prevent under-invoicing, said the media report.
According to the media reports, the tariff value of gold was changed bringing it down to $449 per 10 grams due to weak global prices.
However, the import tariff value of silver has been kept unchanged at $762 per kg, added the media report.
As per trader estimates, gold imports are expected to rise by 20 per cent to around 183.6 tonnes in the April-June quarter of the current fiscal.