India, the World’s largest Gold, Silver consumer and importer, has again hiked tariff value for gold.
In the wake of rising global prices of precious metals, the government on Thursday hiked import tariff value of gold to $531 per 10 grams, while the value was kept unchanged at $899 per kg for silver imports, in a joint notification by India’s Central Board of Excise and Customs (CBEC), Department of Revenue and the Ministry of Finance.
The tariff value, which is released fortnightly, is the base price on which the customs duty is determined to prevent under-invoicing. During May, the tariff value of gold stood at $507 per 10 grams.
After crude oil, gold is the most imported commodity in India in terms of value. At present, import duty on gold and silver stands at 4 per cent and 6 per cent of the value, respectively.