Govt hikes import tariff value on gold, silver

The government on Wednesday hiked the import tariff value on gold and silver to $431 per 10 grams and $646 per kg, respectively, taking firm global cues.

During the first fortnight of the current month, tariff value on imported gold was fixed at $421 per 10 grams and silver at $644 per kg.

The import tariff value — the base price at which customs duty is determined to prevent underinvoicing — is revised on a fortnightly basis taking into account the volatility in global prices.

The increase in tariff value on imported gold and silver has been notified by the Central Board of Excise and Customs, an official statement said.

Due to government curbs, the country’s total gold and silver imports dropped 40 per cent to $33.46 billion in 2013-14, as against $55.79 billion in the previous year.

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