The Union Government on 15 September 2013 slashed the import tariff value of gold to 432 dollars per 10 grams and silver to 736 dollars per kilogram. The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).
The decision was taken in wake of falling global prices of precious metals. Tariff value is the base price at which the customs duty is determined to prevent under-invoicing. Earlier, the tariff value of gold was at 458 dollars per 10 grams and silver at 783 dollars per kg.
In the wake of falling global prices of precious metals, the Union Government has further slashed the import tariff value of gold and silver.
Besides bullion, the Union Government has cut the import tariff value of brass scrap to USD 3717 per tonne and crude palm oil to USD 827 per tonne, from USD 3748 per tonne and USD 833 per tonne, respectively.
However, the import tariff value of poppy seed has been raised to USD 2717 per tonne, crude soya bean oil to USD 963 per tonne and RBD palmolein to USD 883 per tonne. Earlier, the tariff for import of poppy seed stood was USD 2763 per tonne, crude soyabean oil at USD 951 per tonne and RBD palmolein at USD 882 per tonne.
The tariff for import of arecanut has been kept unchanged at USD 1870 per tonne.
Union Government has reduced the import tariff value of gold keeping weak global prices trend in precious metals.
Who: Union Government
When: 15 September 2013