The government on Friday cut the import tariff value of gold to $440 per ten gram but raised the same on silver to $738 per kg, in line with international price of the precious metals.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value on imported gold was hiked two days back to $442 per ten gram, while it was kept unchanged at $699 per kg for silver.
The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official statement said here. Apart from precious metals, tariff value on imported brass scrap has been slashed to $3,840 per tonne from $3,933 per tonne maintained till Thursday. However, the tariff value on imported vegetable oils like crude soyabean oil, RBD palm oil and others has been raised.
Import tariff value on crude soyabean oil has been increased to $1,006 per tonne from $952 per tonne and tariff value on RBD palmolein has been raised to $900 per tonne from $869 per tonne in the review period. The import tariff value on gold and silver has been changed taking cues from the global market. In Singapore, the yellow metal is ruling down at $1322.2 per ounce and white metal at $21.87 per ounce.
India, the world’s largest consumer of gold, imported 393.68 tonnes of the yellow metal during the April-September period of this year, as per official data.