Govt. reduces tariff value of gold, silver
NEW DELHI: Amidst the weak global prices of the precious metals, the government on Tuesday cut the tariff value of gold to $499 per 10 grams and silver $890 per kg.
The tariff value represents the base price on which the customs duty is determined in order to prevent under-invoicing.
Earlier in April, the tariff value of gold were at $521 per ten grams and the silver at $920 per kg.
As per the notification issued by the Central Board of Excise and Customs ( CBEC), the tariff value of gold and silver has been lowered, the tariff value of RBD palmolein witnessed a slight raise.
RBD palmolein's tariff value has been raised to $867 per tonne against previous $863 per tonne.
Government cut the import tariff value of precious metals due to the infirm price trend in the overseas market, where gold dopped 9.35 per cent to $1,360.60 an ounce at the New York exchange.
The metal has fell by $200 an ounce, around 13 per cent, during the last two trading days.