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India cuts import tariff on gold

India cuts import tariff on gold

NEW DELHI: The government on Thursday marginally reduced the import tariff value on gold to $345 per 10 grams but raised it to $452 per kg on silver due to global price trends.

During the first fortnight of this month, the tariff value on imported gold was fixed at $347 per 10 grams and $448 per kg for silver.

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 have been notified by the Central Board of Excise and Customs, said an official statement.