Wednesday, April 16th 03:38 PM IST

India Govt raises import tariff value of Gold, Silver

# gold  # silver  # precious metals  # import tariff value  # India Govt  

India had raised the import duty on gold and silver in stages to 10% while it announces the import tariff value on gold and silver from time to time based on global price movements and to prevent under invoicing.

NEW DELHI (Bullion Street): Indias' Ministry of Finance has raised the import tariff value of gold from $421 per 10 gms to $431 per 10 gms while silver improt tariff value of silver from $644 per kg to $646 per kg.These changes are made with reference to sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC).

India had raised the import duty on gold and silver in stages to 10% while it announces the import tariff value on gold and silver from time to time based on global price movements and to prevent under invoicing.

Offlate, news reports indicate that smuggling through airports have risen due to hike in gold import tariff and several other restrictions put in place by the Reserve Bank of India to curb imp0rt and consumption of gold.

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