Government slashes tariff value of gold with fall in global prices

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Government slashes tariff value of gold with fall in prices
The government has slashed the import tariff value of gold at USD 401 per ten grams and that of silver to USD 604 per kg as prices of the precious metals fell in the international market.

Earlier, the tariff value of gold and silver stood at USD 421 per 10 gram and USD 606 per kg.

The notification, issued by the Central Board of Excise and Customs (CBEC), has come a day after gold prices fell by Rs 1,150 to hit 23-month lows of Rs 25,650 per 10 grams in the national capital tracking weak global cues.

Gold import is expected at 350 tonnes in the current quarter, but is projected to decline to about 150 tonnes as the government has recently increased the import duty on gold to 8 per cent from six per cent.

Read more about: gold
Story first published: Monday, July 1, 2013, 9:20 [IST]
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