With the prices of both global and silver declining sharply in the global markets, India has slashed their import tariff value to ascertain their import duty, an official statement said Saturday.
The tariff value for gold has been cut to $391 per 10 grams from $401, while that for silver has been reduced to $551 per kg from $575 per kg. These tariff values for a host of commodities are ascertained on a fortnightly basis.
The slash in tariff value on imported gold has been notified by the Central Board of Excise and Customs.
The import tariff value is the base price at which customs duty is levied. It helps to prevent under-invoicing. Gold price in the Delhi bullion markets was ruling at around Rs.26,550 per 10 grams and silver at Rs.36,250 per kg Saturday.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app