In the wake of rising global prices of precious metals, the government on Thursday increased the
import tariff value of gold and silver marginally to $561 per 10 grams and $1,058 per kg, respectively.
The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing. During October, tariff value of gold stood at $556 per 10 grams and of silver at $1,039 a kg.
The Central Board of Excise and Customs (CBEC) today issued a notification in this regard.
The government hiked import tariff value of precious metals following firm price trend in the global market.
At present,
gold prices are ruling at $1724.8 per ounce in London, while silver at $32.64 per ounce in London.
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