INDIA March 03 2014 5:05 PM
MUMBAI (Scrap Register): India has raised its import tariff value of gold and silver mainly on volatility in the global markets. The tariff value is revised on a fortnightly basis after analysing the global price trend.
Indian government has raised its import tariff value of gold from $421 per ten grams to $433 per 10 grams and silver from $663 per kilo gram to $699 per kilo gram, said the ministry of finance.
Import tariff value is the base price at which customs duty is determined to prevent under-invoicing. The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).
Yellow metal is India’s second largest import item after petroleum. Government has taken several measures to curb gold shipments to address the high current account deficit.
According to the jewellers body, total gold imports are expected to be not more than 550 tonnes this fiscal due to these restrictions, from 845 tonnes in the last fiscal.