Wednesday, April 17th 12:24 PM IST

India cuts Gold,Silver import tariff value

# India gold reserves  # import tariff value  # gold imports  

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

NEW DELHI(BullionStreet): World's largest gold importer India cut the tariff value of gold and silver to $499 per 10 grams and $890 per kg, respectively, taking into account weak global prices of the precious metals.

According to the notification issued by the Central Board of Excise and Customs (CBEC), the tariff value of gold and silver has been reduced.

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 $1,360.60 an ounce at the New York exchange.

The metal has dropped by $200 an ounce, or nearly 13 per cent, in the last two trading days.

Tracking weak global cues, gold prices fell in the national capital by Rs 1,160 per ten grams to 21-month low at Rs 26,440.

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

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