Govt raises import tariff value of gold, silver

The government today increased the import tariff value on gold and silver to USD 408 per 10 gram and USD 520 per kg, respectively in line with global prices.
For the first fortnight of this month, the import tariff value on gold was fixed at USD 402 per 10 grams and on silver was USD 502 per kg.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. It is normally revised on a fortnightly basis.
The change in tariff value of these precious metals has been notified by the Central Board of Excise and Customs.

The import tariff value of gold and silver has been changed taking into account the price trend in the global market and rupee situation.
Globally, gold is trading firm at over USD 1,245 an ounce as investors are looking at US data for further clues on how the Federal Reserve will proceed on monetary policy. In the national market, gold is available at Rs 29,200 per 10 gram.
After recording a sharp rise in January, gold imports dipped 29.49 per cent to USD 1.39 billion in February.
India is the largest importer of gold in the world. The imports mainly cater to the demand of jewellery industry.