India hikes import tariff value of gold to $459/10 grms

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SME Times News Bureau | 03 Jun, 2013
Keeping in view the volatile price trend in global bullion market, the government has raised the import tariff value of gold to USD 459 per 10 grams, reports media.

While it has been slashed at USD 737 per kg for silver imports, it added.

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 USD 440 per 10 grams and silver at USD 761 per kg.

The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC). The government has raised the import tariff value of gold as global prices have steadily been going up.

On 31st May, gold prices in Singapore rose to a two-week high of USD 1421 per ounce but the metal prices fell later to close at USD 1388.30. However, silver prices declined by 2.24 per cent to USD 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 USD 843 per tonne, RBD palm oil to USD 854 per tonne, crude palmolein to USD 860 per tonne and RBD palmolein to USD 863 per tonne.

Till last month, the import tariff value of crude palm oil stood at USD 831 per tonne, RBD palm oil at USD 836 per tonne, crude palmolein at USD 840 per tonne and RBD palmolein at USD 843 per tonne.

However, the import tariff value of crude soyabean oil has been kept unchanged at USD 1075 per tonne.