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Government hikes import tariff value on gold, silver

Source: PTI
February 29, 2016 20:35 IST
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A customer looks at a gold pendent inside a jewellery showroom in Mumbai.

 

The government on Monday hiked import tariff value on gold and silver to $399 per 10 grams and $495 per kg, respectively, taking cues from global market.

For the first fortnight of this month, the import tariff value on gold was fixed at $388 per 10 grams and on silver was $487 per kg.

The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.

It is normally revised on a fortnightly basis.

The change in tariff value of these precious metals has been notified by the Central Board of Excise and Customs.

The import tariff value of gold and silver has been changed taking into account the price trend in the global market and rupee situation.

Globally, gold added 0.4 per cent to $1,228.65 an ounce in Singapore.

Bullion traders said a firming global trend where gold is headed for the biggest monthly advance in four years as a darkening global outlook spurred demand for a safe-haven assets, mainly buoyed the sentiment.

The Finance Minister in his Budget speech on Monday has announced to impose one per cent excise duty on articles of jewellery excluding silver proposed in 2016-17.

The country's gold imports have more than doubled to $3.80 billion in December 2015, driven by dip in global prices, as against $1.36 billion in the year-ago period.

Image: A customer looks at a gold pendent inside a jewellery showroom in Mumbai. Photograph: Danish Siddiqui/Reuters

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