Govt of India Cuts Import Tariff on Gold, Hikes Silver Friday Nov 01,2013

The GOI on Friday Nov 01,2013 slashed the import tariff value of gold to USD 440 per ten gram and raised it on silver to USD 738 per kg, in line with global prices 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 USD 442 per ten gram, while it was kept unchanged at USD 699 per kg for silver.

Normally, the import tariff value is revised on a fortnightly basis. The sudden revision has taken place in view of volatility in the global prices.

The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC)

Note
India, the world's largest consumer of gold, imported 393.68 tonnes of the yellow metal during the April-September 2013