Govt cuts base import price for gold, silver

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In the wake of falling global prices of precious metals, the Government has further slashed the import tariff value of gold and silver to $432 per 10 grams and $736 per kg, respectively. Tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Till last week, the tariff value of gold was at $458 per 10 grams and silver at $783 per kg. The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC). Besides bullion, the Government has cut the import tariff value of brass scrap to $3,717 per ton and crude palm oil to $827 per ton, from $3,748 per ton and $833 per ton, respectively, prevailed till last week. However, the import tariff value of poppy seed has been raised to $2,717 per ton, crude soyabean oil to $963 per ton and RBD palmolein to $883 per ton.
Earlier, the tariff for import of poppy seed stood was $2,763 per ton, crude soyabean oil at $951 per ton and RBD palmolein at $882 per ton. The tariff for import of arecanut has been kept unchanged at $1,870 per ton. The Government has reduced the import tariff value of gold keeping weak global prices trend in precious metals. In New York market, gold were ruling down by 1.7 per cent at $1,308.60 per ounce last week. Similarly, gold in the national capital was ruling lower by ` 450 at ` 30,300 per 10 grams.
In August, the country’s gold imports had declined to $650 million from $2.2 billion in the previous month, on account of a slew of steps taken by government to curb inbound shipments of the precious metal. However, the World Gold Council has projected the country’s overall gold demand to touch a record 1,000 tons in 2013 calendar year. This may damage the government’s efforts to curb imports and check trade deficit.
Source: Hindu business line
Source:Bullion Bulletin

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