Indian Government has increased Import Tariff Value on Gold
The Union
Government of India finally decided to increase the import
tariff value of gold to $472/10 grams on account of a volatile price trend in
global markets.
The tariff value, which is released
fortnightly, is the coarse price on which the customs duty is decisive to avoid
under-invoicing. It was usually 10 days behind
that tariff value of gold was altered bringing it
down to $449 per 10 grams due to diseased tellurian prices.
However, an import tariff value of china has
been kept unvaried during $762 per kg.
The news was confirmed by the Central Board of Excise and Customs
(CBEC).
Definition of
'Tariff'
A tax imposed on imported goods and services.
Tariffs are used to restrict trade, as they increase the price of imported
goods and services, making them more expensive to consumers. They are one of
several tools available to shape trade policy.
How It Works
There are generally two types of tariffs. Ad
valorem tariffs are calculated as a fixed percentage of the value of the
imported good. When the international price of a good rises or falls, so does
the tariff. A specific tariff is a fixed amount of money that does not vary
with the price of the good. In some cases, both the ad valorem and specific
tariffs are levied on the same product.
The government has reduced the import tariff value
of precious metals following high price volatility in gold and silver in the global market.
It has to be added here that last week gold prices
boosted up to USD 1,462 per ounce in Singapore. Eventually
in the early period of this month the prices for this valuable metal had
declined to USD 1,321 per ounce. On a similar fashion the rates of gold in
domestic market were staggering at Rs 28,100 per 10 grams in last week period.
Gold was quoted at Rs 30,100 per ten grams, while
silver was quoted at Rs 53,200 per kg in Delhi.
As per the estimates of some prolific traders, gold
imports are very much likely to increase by 20 percent to around 183.6 tonnes
in the April-June quarter of the current fiscal.
India Post announces
special discount on gold coins
India Post
announced yet another special discount offers for gold coins on the occasion of Akshaya Tritiya.
The Postal department is offering a special discount of 7 per cent
on the price of all gold coins sold through Post office on the occasion of
Akshaya Tritiya. The offer will be valid from May 15 till June 30 of this year.
Gold coins are available with India Post Logo in tamper
proof packaging along with certification by internationally recognized Assayers
in the denominations of 0.5 g, 1 g, 5 g, 8 g, 10 g, 20 g and 50 g of 24 carat
with 99.99% purity. These gold coins will be for sale in all the important
post offices across the country.
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