Government raised the Import Tariff Value of Gold to 459 Dollars per 10 Grams

The Union government of India increased the import tariff value of gold to 459 dollars per 10 grams, while it was reduced to 737 dollars per kg for silver imports. In May 2013, the tariff value of gold was at 440 dollars per 10 grams and silver at 761 dollars per kg. The notification in this regard was issued by the Central Board of Excise and Customs (CBEC) on 1 June 2013. Government raised the import tariff value of gold as its prices are increasing at global level.

India’s gold import in April-June 2013 period is likely to register a record level at 300-400 tonnes, as against 153 tonnes in the corresponding period of 2012 as per the World Gold Council (WGC) estimate.

The government also increased the import tariff value of crude palm oil to 843 dollars per tonne, crude palmolein to 860 dollars per tonne, RBD palm oil to 854 dollars per tonne, and RBD palmolein to 863 dollars per tonne.

In May 2013, the import tariff value of crude palm oil was registered at 831 dollars per tonne, RBD palm oil at 836 dollars per tonne, crude palmolein at 840 dollars per tonne and RBD palmolein at 843 dollars per tonne. However, the import tariff value of crude soyabean oil was left unchanged at 1075 dollars per tonne.