Govt further cuts import tariff value of gold

Tariff reduction keeping in mind weak global prices of precious metals

In the wake of falling global prices of precious metals, the government today further slashed the import tariff value of gold to $440 per ten grams, while it has been kept unchanged at $761 per kg for silver imports.

Tariff value is the base price on which the customs duty is determined to prevent under-invoicing.

Till last week, the tariff value of gold was at $466 per ten grams and silver at $761 per kg.

The notification in this regard was issued by the Central Board of Excise and Customs (CBEC), an official release said.

However, the import tariff value of different varieties of vegetable oils, brass scrap and poppy seed has been kept unchanged.

Government has reduced the import tariff value of gold keeping in view the weak global prices of precious metals. In Singapore market, gold and silver prices are ruling down at below Rs 1,385 per ounce and $23 per ounce, respectively.

Similarly, gold in the national capital is costing around Rs 27,000 per ten grams and silver at Rs 44,200 per one kg.

India, the world's largest gold consumers, is estimated to have imported 215 tonne of yellow metal in January-March period of this year. The demand for gold is expected to be robust in the coming months, as per the World Gold Council.