June 02 2014 MUMBAI (Scrap Register): The world's second biggest bullion consuming nation India has cut its import tariff value on gold and silver on Monday.
Indian government has cut its import tariff value of gold from $424 per ten grams to $408 per 10 grams and silver from $650 per kilo gram to $ 617 per kilo gram, said the ministry of finance.
Import tariff value is the base price on which the 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).
The tariff value is revised on a fortnightly basis after analysing the global price trend.
Due to curbs imposed by the government, the country's total gold and silver imports dropped 40 per cent to $33.46 billion in 2013-14 against $55.79 billion in the previous year.
Gold is the second largest import item for India after petroleum. The government had taken several measures to curb gold shipments to address the high current account deficit.