Government hikes import tariff value on gold, silver

The government on Wednesday hiked the import tariff value on gold to $388 per 10 grams and that on silver to $487 per kg taking cues from global market. For the first fortnight of this month, the import tariff value on gold was fixed at $363 per 10 gram and on silver was $443 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.

The import tariff value of gold and silver has been changed taking into account the price trend in the global market and rupee situation. In London, both gold and silver prices have firmed up.

Gold prices were ruling at around Rs 1,184 per ounce and silver at Rs 15.15 per ounce on Wednesday. The country's gold imports have more than doubled to $3.80 billion in December 2015 driven by dip in global prices, as against $1.36 billion in the year-ago period.