Author: Paul Ploumis16 Jul 2014 Last updated at 08:27:06 GMT
MUMBAI (Scrap Monster): The Indian Government today announced marginal cut in import tariff value for gold. On the other hand, import tariff value on Silver was increased marginally. The import tariff value of gold was reduced by 0.70% and that of silver was hiked by 0.30%, 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 $428 per 10 grams. The import tariffs are being increased from the existing $425 per 10 grams. Meanwhile the import tariff value of Silver has been hiked from $688 per kilogram to $690 per kilogram.
The government move to lower the import tariff value is in track with the weakening gold prices in the global and domestic markets.
Meanwhile, domestic gold prices in India snapped its four-day rising trend on the back of slackened demand and weak global cues. The prices fell by Rs 280 to Rs. 28,450 per 10 grams. Silver too dropped by Rs 400 to Rs.45, 600 per kilogram on low industrial demand.
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.