Govt cuts import tariff value of silver; gold unchanged
New Delhi: The government Thursday kept the import tariff value of gold unchanged at USD 421 per ten grams but reduced the base price of silver to USD 606 a kg in line with the global prices of the precious metals.
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 of gold was USD 421 per 10 gram and silver USD 709 per kg as per the CBEC notification on June 24.
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.
Gold import is expected at 350 tonnes in the current quarter, but is projected to decline to about 150 tonnes as the government has recently increased the import duty on gold to 8 percent from six percent.
The tariff value of various edible oils remains unchanged.
Meanwhile, the gold prices today recovered by Rs 120 to Rs 26,800 per 10 grams in the national capital on buying at existing lower levels amid a rebound in global markets.
Silver ready in national capital ruled flat at Rs 40,500 per kg while weekly-based delivery shed Rs 20 to Rs 39,570 per kg on lack of buying support from speculators.
Silver coins spurted by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.