The government today slashed the import tariff value on gold and silver to $422 per 10 grams and $632 per kg respectively. Till the second fortnight of April, tariff value on imported gold stood at $431 per 10 grams and silver at $646 per kg.
The import tariff value - base price at which customs duty is determined to prevent under-invoicing - is revised on a fortnightly basis taking into account the global prices.
The reduction in tariff value on imported gold and silver has been notified by the Central Board of Excise and Customs, an official statement said.
In Singapore, gold prices today fell for the fourth consecutive day by 0.3 per cent to $1,288 per pounce and of silver to $19.14 per ounce. In the national capital, gold prices were ruling at Rs 30,585 per 10 grams.
Due to government curbs, the country's total gold and silver imports dropped 40 per cent to $33.46 billion in 2013-14, as against $55.79 billion in the previous year.
Gold is the second largest import item for India after petroleum. The government had taken several measures to curb gold shipments to address the high current account deficit.
These measures include raising the import duty to 10 per cent on the metal and also made it mandatory for traders to export 20 per cent of the imported gold.
The Commerce and Industry Ministry is pitching for easing of the gold import restrictions to boost gems and jewellery exports, which declined by 8.82 per cent in 2013-14 to $39.52 billion.
RESULT
NEW DELHI: The government today slashed the import tariff value on gold and silver to $422 per 10 grams and $632 per kg respectively, taking weak global cues.
Government cuts import tariff value on gold, silver ...
The government today slashed the import tariff value on gold and silver to $422 per 10 grams and $632 per kg respectively. Till the second fortnight of
Government cuts import tariff value of gold and silver ...
Government slashed the import tariff value on gold and silver to $404 per ten grams and $635 per kg, respectively, taking into account the volatility in
Govt cuts import tariff value of gold, silver - The Times ...
Government on Monday slashed the import tariff value on gold and silver to USD 404 per ten grams and USD 635 per kg, respectively, taking into account the
Government cuts import tariff value on gold, silver
Tariff value on imported gold stood at USD 431 per 10 grams Government cuts import tariff value on gold, silver PTI | May 01, silver. Related
Govt cuts import tariff value on gold, silver - Livemint
The import tariff value on gold and silver slashed to $422 per 10 grams and $632 per kg respectively, taking weak global cues
Govt cuts import tariff of gold, silver - Rediff.com Business
The government has reduced the import tariff value on gold to $421 per 10 grams from $445 per 10 gram earlier. Also, the import tariff value -- the base
Govt cuts import tariff value of gold, silver
New Delhi: Government on Monday slashed the import tariff value on gold and silver to USD 404 per ten grams and USD 635 per kg, respectively, taking into
Govt cuts import tariff value of gold, silver - Financial ...
Govt cuts import tariff value of gold, silver. The government today slashed the import tariff value on gold and silver to ExpertsThe government
Govt cuts import tariff value of gold & silver
New Delhi: Government on Monday slashed the import tariff value on gold and silver to USD 404 per ten grams and USD 635 per kg, respectively, taking into account the
