Thursday, May 16th 04:31 PM IST

India changes Gold,Silver tariff value

# Gold tariff value  # silver tariff  # India gold  

According to a notification issued by Central Board of Excise and Customs (CBEC), the tariff value of gold has been raised to $466 per 10 grams and $761 per kg, respectively.

NEW DELHI(BullionStreet): India on Thursday changed the tariff value of gold and silver.

According to a notification issued by Central Board of Excise and Customs (CBEC), the tariff value of gold has been raised to $466 per 10 grams and $761 per kg, respectively.

Tariff value is the base price on which the customs duty is determined to prevent under-invoicing.

During the first fortnight of April 2013, the tariff value of gold stood at $521 per ten grams and silver at $920 per kg.

The government reduced import tariff value of precious metals following weak price trend in the global market, where gold plunged 9.35 per cent to USD 1,360.60 an ounce at the New York exchange.

High gold import has been one of the main factors responsible for the shooting up of India's Current Account Deficit (CAD), which soared to a record 6.7 per cent of the GDP for the quarter ending December.

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