Air travellers currently can bring a flat screen television for personal use without paying any duty.
The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing.
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Attributing the high Current Account Deficit to mainly gold import, Chidambaram said the inward shipments of the precious metal resulted in outgo of $50 billion.
Justifying the hike in customs duty on gold in the Budget, Finance Minister Pranab Mukherjee today said its huge imports cause strain on the balance of payment and affect exchange rate, but it does not have any direct bearing on the forex reserve.
The government on Wednesday allowed free import of gold and silver and brought import of capital goods under duty-free entitlement scheme.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
To check rising current account deficit, the government raised import duties and the RBI imposed curbs on import of the metal and also laid down various pre-conditions for inward shipments of the precious metal.
Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components but smokers would have to pay more as the government has increased taxes.
Govt mulls raising duty on non-essential goods with annual import bill exceeding $1 billion
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
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.
Large trade deficit and rupee decline against the US dollar are putting pressure on the CAD, and these steps are likely to have a positive impact on the external sector.
Snapping the two months slide, the country's merchandise exports rose marginally by 0.5 per cent to $34.58 billion in September while trade deficit narrowed to $20.78 billion. According to official data released on Wednesday, imports increased by 1.6 per cent to $55.36 billion in September compared to $54.49 billion in the year-ago period. The trade deficit, or the gap between imports and exports, was $20.8 billion during the same month last year.
India, the world's biggest consumer of gold, imported 967 tonnes of gold in 2011.
Gold, silver and other precious metals along with imported mobile phones, certain cancer drugs and medical devices are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2024-25.
The government has hiked import duty on gold three times in a year and recently raised it by 2 per cent to 8 per cent to curb demand.
'Customers are coming in; if they aren't buying, they are at least visiting the stores, which was not the case before the Budget.'
'If you invest in sovereign gold bond, you are going to get the price rise of gold over an eight year period.' 'You're also going to get that two-and-a-half percent which the Government of India is willing to give you, treating the money that you've invested in the sovereign gold bond as a kind of a FD or a deposit.' 'That kind of return you can never get anywhere else.'
10 largecaps stocks which stand to gain from the Budget.
Gold prices crashed by Rs 105 per ten gram on the bullion market in Mumbai on Friday due to heavy offering by stockists after a sharp fall in New York prices.
While gold zoomed up by Rs 410 to Rs 30,810 per ten gram, silver jumped up by Rs 990 to Rs 51,200 per kg on increased offtake by stockists on the back of firm global trend.
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Analysts worry that without more fundamental reforms, India will struggle to contain its record high current account deficit and hence support the rupee.
Providing relief to the economy from widening trade deficit on account of gold imports, the inward shipments of the metal slumped in December to 39 tonnes, Commerce Secretary Rajeev Kher said on Wednesday.
22 Assam Rifles women personnel are in the Republic Day marching band contingent. Dressed in crisp uniforms, playing bagpipes, drums and side drums, the year-old band has already built an admirable reputation.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
The government on Friday hiked the import tariff value on gold to $363 per 10 gram in line with global prices.
The government on Friday slashed the import tariff value on gold to $398 per ten grams while raising it marginally on silver to $643 per kg in line with global trends.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
Gold rallied to scale two-month peak at the domestic bullion market on Thursday on frantic buying in the backdrop of the government's decision to raise import duty on the metal.
There's a reason why 'kudi chamkili' Mrunal Thakur is called the 'super stylish lady Ranveer Singh'.
India, the world's largest consumer of gold, has imported 393.68 tonnes of the yellow metal during the April-September period of this year
'The government can increase import duty on gold by 1 per cent, instead of imposing excise duty.'
The government on Friday raised the import tariff value of gold to $461 per ten grams and of silver to $803 per kg as prices of the precious metals touched all-time high this week.
The government on Friday slashed import tariff value of gold to $507 per 10 grams and of silver to $871 a kg following fall in global prices of the precious metals.
The government on Thursday slashed the import tariff value on gold for the second straight day to $ 414 per 10 grams and silver to $672 per kg, in line with weak global prices of the precious metals.
The government on Monday reduced the import tariff value of gold to $458 per 10 grams due to fall in its global prices.
The government took steps to curb imports of gold after concerns about the country's current account deficit.
The government on Wednesday raised the import tariff value of gold at $430 per ten grams and that of silver to $639 per kg as prices of the precious metals have risen in the global market.
