The government today marginally reduced the import tariff value on gold to US$ 345 per 10 grams, but raised it to US$ 452 per kg on silver due to global price trends.
During the first fortnight of this month, the tariff value on imported gold was fixed at US$ 347 per 10 grams and US$ 448 per kg for silver.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. It is normally revised on a fortnightly basis.
The change in tariff value of these precious metals have been notified by the Central Board of Excise and Customs, said an official statement issued by the Finance Ministry.
Globally, gold rose 0.2 per cent to US 1,070.90 an ounce in Singapore as investors focused on the outlook for 2016. In London, it was trading a shade lower at US$ 1,068.20 an ounce in early deals.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity ruled steady at Rs. 25,650 and Rs. 25,500 per 10 grams, respectively.
The country’s gold imports fell in value terms by 36.48 per cent to US$ 3.53 billion in November this year, as against US$ 5.57 billion in the year-ago period.
Gold is the second-largest imported item for India after petroleum.
Higher gold import bill adversely affects the country’s current account deficit, which occurs when value of import of goods and services is more than the exports.
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