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Silver July 02, 2015 06:05:34 AM

India slashes tariff value on Gold and Silver imports

Paul Ploumis
ScrapMonster Author
The Indian government, in its fortnightly review, has marginally lowered the import tariff value for gold and silver. This in in line with the weakening global gold prices.

India slashes tariff value on Gold and Silver imports

MUMBAI (Scrap Monster): The Indian Government today announced marginal cut in import tariff value for gold and silver. The import tariff value of gold was slashed by nearly 0.78% and that of silver by over 0.58%, in accordance with prices of precious metals in the international market.

The Central Board of Excise and Customs (CBEC) issued notification in this regard reducing the gold import tariff value to $382 per 10 grams. The import tariffs are being slashed from the existing $385 per 10 grams. Meanwhile the import tariff value of Silver has been lowered from the existing $519 per kilogram to $516 per kilogram.

The government move to lower the import tariff value is in tandem with the weakening gold prices in the global and domestic markets. The gold prices had continued to remain bearish, failing to gain from the ongoing Greek crisis situation. The weakness in gold prices indicates that the precious yellow metal has lost its safe-haven appeal.

ALSO READ Gold being sold at discount in India

Meanwhile, gold prices edged further lower on Thursday early trade Wednesday, on the back of rising dollar strength and surging global stock markets. The spot gold prices slipped to $1,167.40 per ounce by 3:30 AM GMT. The prices had hit four-week low of $1,166.35 on Tuesday. Meantime, analyst community anticipate further drop in gold prices, primarily on account of strong US economic data. A stronger non-farm payrolls data may lead to further correction in gold prices. Meanwhile, Silver was up marginally by 0.19% at $15.56 per ounce.

The gold in India edged lower by Rs 140 to Rs 25,710 per 10 grams on weak global prices in the run up to much awaited Greek referendum. Silver too witnessed marginal drop to Rs 38,600 per kg on account of lesser intake by industrial units.

Tariff value is the base price on which the customs duty on imported gold or silver is calculated and it further helps prevent under-invoicing.

 

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