Govt reduces tariff value on gold to $425

By Super
Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    The government today reduced the import tariff value on gold to USD 425 per 10 grams due to falling international prices.

     

    On the other hand, the tariff value on silver was raised to USD 690 per kg.

    As on June 30, the tariff value on imported gold stood at USD 428 per 10 grams and silver at USD 688 per kg.

    The import tariff value -- base price at which customs duty is determined to prevent under-invoicing - is revised on a fortnightly basis, taking into account the volatility in global prices.

    The hike in tariff value on imported gold and silver has been notified by the Central Board of Excise and Customs, an official statement said.

    In both Singapore and New York markets, gold prices today dipped to below USD 1,300 per ounce.

    Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per 10 grams in the national capital today on sustained selling by stockists amid a weakening global trend.

    Meanwhile, after declining for seven months in a row, gold imports grew by 65.13 per cent to USD 3.12 billion in June.

    Gold is the second largest import item for India after petroleum. Due to several curbs, the country's total gold and silver imports dropped 40 per cent to USD 33.46 billion in 2013-14, against USD 55.79 billion in the previous year.

    PTI

    Read more about: gold import tariff silver
    Story first published: Thursday, July 17, 2014, 10:07 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more