Govt raises gold's import tariff value

Tags: Gold, News
The government has hiked the import tariff value on gold to $445 per 10

RELATED ARTICLES

grams from at $433 per 10 gram earlier.

However, the import tariff value -- the base price at which customs duty is determined to prevent under-invoicing -- in case of silver has been reduced to $694 per kg from $699 per kg earlier, a notification by the Central Board of Excise and Customs said.

The tariff value is revised on a fortnightly basis after analysing the global price trend.

Gold is the second largest import item for India after petroleum. The government had taken several measures to curb gold shipments to address the high current account deficit.

These measures include raising the import duty to 10% on the metal and also made it mandatory for traders to export 20% of the imported gold, thereby creating supply crunch in the domestic market.

According to the jewellers body, total gold imports are expected to be not more than 550 tonnes this fiscal due to these restrictions, from 845 tonnes in the last fiscal.

The Commerce Ministry has asked the Finance Ministry to relax curbs on gold imports.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Swift action plan may combat adverse effects of bad monsoon

    The bad news is out.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Simon J Evenett

Is it the end game for Greece?

Five months after the election of a left-wing government on ...

Zehra Naqvi

Green peace is key to overall wellbeing

Why do people head for the hills to recharge and ...

Dharmendra Khandal

Social media is not always a blessing

There is, perhaps, a misconception that social media is a ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture