India cuts gold, silver value to ascertain import duty

New Delhi-India  (Nov 1)   With the prices of both global and silver declining sharply in the global markets, India has slashed their import tariff value to ascertain their import duty, an official statement said Saturday.

The tariff value for gold has been cut to $391 per 10 grams from $401, while that for silver has been reduced to $551 per kg from $575 per kg. These tariff values for a host of commodities are ascertained on a fortnightly basis.

The slash in tariff value on imported gold has been notified by the Central Board of Excise and Customs.

The import tariff value is the base price at which customs duty is levied. It helps to prevent under-invoicing. Gold price in the Delhi bullion markets was ruling at around Rs.26,550 per 10 grams and silver at Rs.36,250 per kg Saturday.

Source:  Yahoo.news