Govt hikes import tariff value of gold, silver

In the wake of rising global prices of precious metals, the government on Thursday increased the import tariff value of gold and silver marginally to $561 per 10 grams and $1,058 per kg, respectively.

The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing.

During October, tariff value of gold stood at $556 per 10 grams and of silver at $1,039 a kg.

The Central Board of Excise and Customs on Thursday issued a notification in this regard.

Besides, the government has reduced the import tariff value of RBD palmolein and brass scrap to $887 per tonne and $4029

per tonnes, respectively.

In last month, tariff value of RBD palmolein stood at $889 per tonne, while brass scrap stood at $4,096 per tonne.

The government hiked import tariff value of precious metals following firm price trend in the global market.

At present, gold prices are ruling at $1724.8 per ounce in London, while silver at $32.64 per ounce in London.

In the 2011 calendar year, about 1037 tonnes of gold was available in India, the world's biggest consumer, of which 967 tonnes was imported and the rest was from other sources like recycled, according to the World Gold Council.