India cuts Gold, Silver import tariff value
According to country's Central Board of Excise and Customs (CBEC), tariff value of gold and silver was slashed to $539 per 10 gm and $979 per kg, respectively
India on New Years day 2013 announced cuts in import tariff value of gold and silver.
According to country's Central Board of Excise and Customs (CBEC), tariff value of gold and silver was slashed to $539 per 10 gm and $979 per kg, respectively
The tariff value, which is released fortnightly, is the base price on which the customs duty is determined to prevent under-invoicing.
During December, the tariff value of gold was $550 per 10 gm, while silver was $1,062 per kg.
The government decided to reduce the import tariff value of precious metals following volatile price trend in the international market.
Traditionally, India has been the world's largest consumer and importer of gold. However, doubling of the excise duty to 4% in the last budget and the curbs that RBI imposed on gold loan value and banning banks from funding gold purchase by loan companies have led to sharp drop in imports this year.
In April-October, gold imports declined 35% year-on-year and overall imports is set to drop over 17% to 800 tonnes this year.
Sumber : Google
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