Govt revises tariff rates for gold, silver
The Dollar Business Bureau The Government on Friday changed the tariff value – the base import prices of a commodity - of several products including gold and silver. The tariff value for gold has been revised to $430 per 10 grams from $428 per 10 grams and for silver to $620 per kilogram from $612 per kilogram. The government revises the tariff rates for certain goods from time to time, which is usually done every fortnight. The changes are made considering the changes in foreign currency rates, the movements in the international markets and on the basis of average price or wholesale price of various manufacturers as the government may consider right. The tariff value is a national value used to calculate the duty payable ...
Indian government lowers import tariff value on gold, silver, veg oil
The Dollar Business Bureau | @TheDollarBiz The Indian government has lowered the import tariff value on gold, silver, brass and vegetable oils, with effect from November 1, 2014. Import tariff value on gold now stands at $391 per 10 grams, while the import tariff value on crude palm oil has been revised to $704 per metric tonne, which is down about 5% from $743 per metric tonne fixed at the end of August 2014. Details of changes in import tariff value as notified by the Central Board of Excise and Customs (CBEC) follow: The government uses the import tariff value as the base price to determine the Customs duty on products to prevent under-invoicing. This article was published on November 3, 2014.
Indian government increases import tariff value on gold, veg oil, arecanut
The Dollar Business Bureau | @TheDollarBiz The Indian government has increased the import tariff value on gold, crude soybean oil, poppy seeds and arecanuts. However, the import tariff value has been lowered on crude and refined palmolein oil, and brass scrap. The tariff value on silver and crude palm oil imports remains unchanged. A surge in gold imports in September 2014 widened India’s trade deficit to $14.25 billion, up around 32% from a trade deficit of $10.83 billion recorded in the previous month. Meanwhile, vegetable oil imports continue to remain at high levels, with crude vegetable oil accounting for around 92% of all veg oil imports by India in September 2014. Earlier this week, the Solvent Extractors Association ...
Indian government lowers import tariff value for gold, silver, vegetable oils
The Dollar Business Bureau | @TheDollarBiz The Indian government has reduced the tariffs for several imported items, including gold, silver, brass scrap, poppy seeds, and various vegetable oils. However, the tariff value for areca nuts and poppy seeds remain unchanged. In a notification dated September 30, 2014, the Ministry of Finance announced the following changes: As per the announcement, import tariff value on gold is down about 5.7% from previous month, on silver it is down 10.8% and on veg oils it is down by 0.2% – 5.8%. After declining almost 34% Y-o-Y to 670 tonnes in FY2013-14, India’s demand for gold is expected to increase this year with the arrival of the festive season and ...
