Author: Paul Ploumis16 Jun 2014 Last updated at 09:13:03 GMT
MUMBAI (Scrap Monster): The Indian Government today announced marginal raise in import tariff value for gold and silver. The import tariff value of gold was hiked by 0.7% and that of silver was hiked by 2.4%, in tandem with price of the precious metal in international market.
The Central Board of Excise and Customs (CBEC) issued notification in this regard raising the gold import tariff value to $411 per 10 grams. The import tariffs are being increased from the existing $408 per 10 grams. Meanwhile the import tariff value of Silver has been hiked from $617 per kilogram to $632 per kilogram.
The government move to raise the import tariff value is in track with the weakening gold prices in the global and domestic markets.
The international gold prices have on the rise during past two weeks due to rising violence in Iraq.. Meanwhile, gold in India too appreciated, taking cues from international market. The prices crossed Rs.28, 000 per 10 grams on Monday. Silver too held firm at Rs.42, 500 per kilogram.
Tariff value is the base price on which the customs duty on imported gold or silver is calculated and it further helps prevent under-invoicing.