Government raises tariff value on imported gold, silver.

New Delhi: The government on Thursday raised import tariff value of gold and silver to $407 per 10 grams and $663 per kg, respectively.

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

The tariff value on imported gold earlier stood at $392 per 10 grams, while that on silver at $638 per kg.

The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official release said.

Tariff value on imported brass scrap has also been increased to $3,995 per tonne from $3,940 per tonne,
while the tariff value on imported poppy seeds remain to $3,195 per tonne.

Gold prices today recovered by Rs. 15 to Rs. 30,050 per 10 grams in the national capital, while silver rebounded by Rs. 100 to Rs. 44,800 per kg.

India, the world's largest consumer of gold, imported 393.68 tonnes of the precious metal during the April-September period of this fiscal year (FY14), as per official data.

The government has taken several steps to reduce gold imports, including hike in custom duties.

Source : profit.ndtv.com