Government today raised the import tariff value on gold and silver to USD 421 per 10 grams and USD 663 per kg, respectively, taking into account the volatility in the global prices.
Import tariff value is the base price at which customs duty is determined to prevent under-invoicing. The tariff value is revised on a fortnightly basis after analysing the global price trend.
Till yesterday, the tariff value on imported gold was at USD 404 per 10 grams, while on silver it stood at USD 635 per kg.
The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official release said today.
However, the tariff value on imported brass scrap has reduced to USD 3913 per tonne from USD 3,959 per tonne, while on poppy seeds it has been kept unchanged at USD 3,195 per tonne.
The tariff value of areca nuts has been raised to USD 1,872 per tonne from USD 1,816 per tonne.
Gold prices today spurted by Rs 180 to Rs 30,980 per 10 grams, while Silver surged by Rs 800 to Rs 46,000 per kg.
Gold in Singapore, which normally sets the price trend on the domestic front, rose 0.6 per cent to USD 1,310.70 an ounce, the highest since November 8 and silver by 1.9 per cent to USD 20.88 an ounce, its highest since November 14.
Gold is the second largest import item for India after petroleum. However, gold imports are expected to decline this year as government has taken several measures to curb shipments to address the high current account deficit.
According to the jewellers body, total gold imports may decline to below 500 tonnes this fiscal due to these restrictions, from 845 tonnes in the last fiscal.