Thursday 16 July 2015

Govt Slashes Import Tariff Value Of Gold, Silver

Government on Thursday further slashed the import tariff value of gold to $376 per 10 grams and of silver to $498 per kg due to weak global prices. For last fortnight, the tariff value of gold was fixed at $382 per 10 grams and silver at $516 per kg.

The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is revised on a fortnightly basis taking into account global prices.

The decrease in tariff value on imported gold and silver has been notified by the Central Board of Excise and Customs, according to an official statement. The government further brought down the tariff value of these two metals taking into account the weak global market, where prices have come under pressure with appreciation in the US dollar against other major currencies.

At Singapore market, gold prices on Thursday hit to four-month low at $1,146.19 per ounce, while silver rates have marginally changed to $15.10 per ounce. In the national capital too, gold prices remained flat at Rs.26,250 per 10 grams and silver at Rs.35,180 per kg.

The country’s gold import declined almost 37% to $1.96 billion in June, as against $3.12 billion in the year-ago period, as per the government data. Gold is the second-largest import 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 exports.

Source:- livemint.com



No comments:

Post a Comment