The Telegraph
Wednesday , January 2 , 2013
Since 1st March, 1999
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Gold tariff value cut

New Delhi, Jan. 1 (PTI): The government today slashed the import tariff value of gold and silver marginally to $539 per 10 gm and $979 per kg, respectively, amid volatile movements in the global prices of precious metals.

The tariff value, released fortnightly, is the base price on which the customs duty is determined to prevent under-invoicing. During December, the tariff value of gold was $550 per 10 gm, while silver was $1,062 per kg.

The Central Board of Excise and Customs today issued a notification on the values.

Besides precious metals, the government has reduced the import tariff value of RBD palmolein and poppy seeds to $835 per tonne and $4,870 per tonne, respectively.

Last month, the tariff value of RBD palmolein stood at $872 per tonne, while poppy seed stood at $5,346 per tonne. However, the tariff value of brass scrap was raised to $4,090 per tonne from $4,069.        

The reduction in the import tariff values of precious metals followed the volatile price trend in the international market.

In New York, precious metals have been seesawing in the last few days. Gold, which ruled lower at $1,640 per ounce, has risen to $1,680 per ounce and is ruling at $1,675.20. Silver prices were in the range of $29-30.8 per ounce.