Union Government raised the import tariff value on gold and silver on 15 February 2014. The gold tariff has been raised to 421 US dollar per 10 grams and silver is 663 US dollar per kilogram considering the global prices.
The Central Board of Excise and Customs (CBEC) issued notification of the tariff value on imported gold and silver.
Previously, the tariff value on imported gold was at 404 US dollar per 10 grams, while on silver it was 635 per kilogram. The tariff value on imported brass scrap reduced to 3913 US dollar per tonne from 3959 US dollar per tonne.
Gold is the second largest import item in India after petroleum. The gold imports declined as government has taken several measures to curb shipment of jewels/gold to reduce the high current account deficit.
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