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Home / Metal News / India raises import tariff value on Gold, Silver

India raises import tariff value on Gold, Silver

Apr 1, 2015 17:04

Source:SMM

India has raised its import tariff value on gold and silver, taking cues from firm global price trends.

INDIA April 01 2015 2:21 PM

MUMBAI (Scrap Register): India has raised its import tariff value on gold and silver, taking cues from firm global price trends.

Indian government has raised its import tariff value of gold from $ 375 per 10 grams to $385 per 10 grams and silver from $ 512 per kilo gram to $ 543 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. India is the world's biggest yellow metal importing nation followed by China.

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.

India gold import

import tariff

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