Import tariff value cut on gold, hiked on silver

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 has been notified by the Central Board of Excise and Customs, said an official statement issued by the Finance Ministry. Globally, gold rose 0.2 per cent to $1,070.90 an ounce in Singapore as investors focused on the outlook for 2016. In London, it was trading a shade lower at $1,068.20 an ounce in early deals. In the national capital, gold of 99.9 per cent and 99.5 per cent purity ruled steady at Rs 25,650 and Rs 25,500 per 10 grams, respectively. The country’s gold imports fell in value terms by 36.48 per cent to $3.53 billion in November this year, as against $5.57 billion in the year-ago period. Gold is the second-largest imported item for India after petroleum.