May 22, 2013, 01.29 PM IST
Tariff value of gold has been slashed from USD 466 per ten grams to USD 440 per ten grams.
Tariff value is the base price on which the customs duty is determined to prevent under-invoicing. Till last week, the tariff value of gold was at USD 466
The notification in this regard was issued by the Central Board of Excise and Customs (CBEC), an official release said. However, the import tariff value of different varieties of vegetable oils, brass scrap and poppy seed has been kept
Government has reduced the import tariff value of gold keeping in view the weak global prices of precious metals. In Singapore market, gold and silver prices are ruling down at below Rs 1,385 per ounce and USD 23 per ounce, respectively.
Similarly, gold in the national capital is costing around Rs 27,000 per ten grams and silver at Rs 44,200 per one kg.
India, the world's largest gold consumers, is estimated to have imported 215 tonnes of yellow metal in January-March period of this year. The demand for gold is expected to be robust in the coming months, as per the World Gold Council.
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