Keeping in view the volatile price trend in global bullion market, the government has raised the import tariff value of gold to $459 per 10 grams, while it has been slashed at $737 per kg for silver imports.
Tariff value is the base price on which the customs duty is determined to prevent under-invoicing.
Last month, the tariff value of gold was at $440 per 10 grams and silver at $761 per kg.
The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).
Government has raised the import tariff value of gold as global prices have steadily been going up. On May 31, gold prices in Singapore rose to a two-week high of $1421 per ounce but the metal prices fell later to close at $1388.30.
However, silver prices declined by 2.24 per cent to $22.27 per ounce last week.
India’s gold import in April-June period is expected to touch a record level at 300-400 tonnes, as against 153 tonnes in the year-ago period, according to the World Gold Council (WGC) estimate.
Gold in the national capital is costing around Rs 27,700 per 10 grams, while silver at Rs 44,500 per kg.
Besides precious metals, the government has hiked the import tariff value of crude palm oil to $843 per tonne, RBD palm oil to $854 per tonne, crude palmolein to $860 per tonne and RBD palmolein to $863 per tonne.
Till last month, the import tariff value of crude palm oil stood at $831 per tonne, RBD palm oil at $836 per tonne, crude palmolein at $840 per tonne and RBD palmolein at $843 per tonne.
However, the import tariff value of crude soyabean oil has been kept unchanged at $1075 per tonne.