Comments
The Government has slashed the import tariff value on gold to $375 per 10 grams and silver to $512 per kg following a weak global price trend.
During the first fortnight of the month, the tariff value on imported gold was fixed at $393 per 10 grams and on silver at $549 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 has been notified by the Central Board of Excise and Customs, according to an official statement released late last night.
Gold in New York, which normally sets the price trend on the domestic front, declined from a high of $1,162 per ounce and is currently ruling at $1,158.60 per ounce.
Silver too has dropped to $15.64 per ounce.
Gold, silver imports
In February, gold imports had jumped by 49 per cent to $1.98 billion compared to the year-ago period, while silver shipments contracted by 60.47 per cent to $121.42 million in the same period.
Gold is the second-largest import item for India after petroleum. Higher gold import bill adversely affects the country’s current account deficit (CAD).
The government has been repeatedly asking people to desist from buying gold and instead invest in other saving instruments.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.