Import Tariff Value Of Gold And Silver Increased

The government has increased import tariff value on gold by $8 per 10 gram and silver by $21 per kg. The tariff value on imported gold and silver now stands at $396 per 10 gram and $561 per kg, respectively.

The import tariff value, which is revised on a fortnightly basis, is the base price at which custom duty is calculated.

In the recent times, gold and silver prices have remained volatile across the globe. In London, gold prices increased in yesterday’s trade by 0.53% to $1,199.80 per ounce. On the contrary, gold prices in India, which is the largest consumer of gold in the world, witnessed a decline, with the precious metal being sold at Rs 27,200 per 10 gram.

India had recently abolished the 80:20 scheme, under which importers had to export 20% of the total export.