New Delhi: The government on Friday slashed import tariff value on gold and silver to $354 per 10 grams and $470 per kg, respectively, tracking weakness in global markets.
For the last fortnight, the tariff value on imported gold was fixed at $373 per 10 grams and on silver it was $517 per kg.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. It is normally revised on a fortnightly basis.
The change in tariff value of these precious metals has been notified by the Central Board of Excise and Customs, an official statement issued by the Finance Ministry said.
At London market, spot gold prices were ruling nearly five-year low at USD 1,083.85 per ounce and silver rates were also down at $14.36 per ounce on Friday.
In the national capital, gold prices slipped below Rs 26,000 per 10 grams on Friday, tracking global cues. Silver was at Rs 34,400 per kg.
India's gold imports reduced to almost half in September this year to $2 billion, as against $3.783 billion in the year-ago period, government data showed.
Gold is the second largest import item for India after petroleum.
Higher gold import bill adversely affects the country's current account deficit, which occurs when value of import of goods and services is more than the exports.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
