Government on Thursday further slashed the tariff value of gold and silver to $449 per 10g and $762 a kg, respectively, in view of falling global prices of the precious metals. Tariff value is the base price on which the customs duty is determined, to prevent under-invoicing. It was only two days back that the tariff value was brought down to $499 per 10g and silver at $890 a kg.
The notification in this regard was issued by the Central Board of Excise and Customs, an official release said. The government has reduced the import tariff value of precious metals following high price volatility in gold and silver in the global market.
Gold prices are ruling down at $1337.86 an ounce in Singapore. In the national capital, gold rates have fallen sharply in the last few trading sessions and are currently ruling down at ` 26,600 per 10g. Silver is ruling at ` 45,400 a kg. Decline in bullion prices has boosted domestic demand in the country, the world’s largest gold consuming nation.
Source: Bullion Bulletin