Government hikes import tariff on gold, silver
As gold rates regained in the global market, the government on Monday increased the tariff value on imported gold from $354 per 10 gram to $363 per 10 gram. According to a fresh notification issued by the Finance Ministry, tariff value of silver has also been increased marginally from $498 per kg to $499 a kg. The Central Board of Excise and Customs (CBEC) revises tariff value on gold, silver and other commodities every fortnight to determine the minimum import duty. The department last revised the tariff on July 25, almost a week earlier than the usual schedule due to sharp decline in the global prices of the precious metal. On July 25, the tariff value for gold was fixed at US$ 354 per 10 gram against US$ 376 fixed on July 15. Witnessing a rebound from the level of Rs.25,000 per 10 gram, gold has crossed beyond Rs.26,000 per 10 gram in the past few days. On an average, India imports 900-1,000 tonnes of gold annually. World Gold Council, in its latest report, has found that India’s gold import has come down by 25% to 154.5 tonnes during April-June. The decline was attributed to loss of crops due to unseasonal rain and shrinking of wedding dates.
August 17, 2015 | 6:06pm IST.
to success.