Govt slashes tariff value of gold

Govt slashes tariff value of gold

The government on Saturday slashed the import tariff value of gold at $401 per ten grams and that of silver to $604 per kg as prices of the precious metals fell in the international market.

Tariff value — the base price on which the customs duty is determined to prevent under-invoicing -- of gold and silver stood at $421 per 10 gram and $606 per kg, respectively earlier.
The notification, issued by the Central Board of Excise and Customs (CBEC), has come a day after gold prices fell by Rs 1,150 to hit 23-month lows of Rs 25,650 per 10 grams in the national capital tracking weak global cues.

India, the largest gold consumer in the world, imported 860 tonnes of gold in 2012. In the first three months of 2013 calendar year, import stood at 215 tonnes. The government has increased tariff value of crude palm oil to $854 per tonne from $852 per tonne.

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