The Government of India has hiked the import tariff value on gold from $433 per 10 gram to $445 per 10 grams, Times of India reports. The import tariff value on silver, previously at $699 per kg, was reduced to $694 per kg.
A notification in this regard has been issued by the Central Board of Excise and Customs (CBEC). The tariff value is revised every fortnight after analyzing the global price trend.
For India, gold is the second largest import item after petroleum, and the government has already taken several measures to curb gold shipments in order to address the high current account deficit. Total gold import is not expected to exceed 550 tons this financial year, down from 845 tons in 2013.
Source:- israelidiamond.co.il
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