India revises Gold,Silver tariff value

According to official data, tariff value of gold imports is changed to $573 per 10 grams while that of silver is at $1102.50 per kg.
India announced changes in import tariff values of gold, silver and brass scraps.

According to official data, tariff value of gold imports is changed to $573 per 10 grams while that of silver is at $1102.50 per kg.

Tariff value for brass scrap (all grades) have been changed to $4103 per metric ton.

Tariff value is the base price on which the customs duty is determined to discourage import of gold in order to ease the current account deficit.

India had already increased the customs duty on gold from 1% to 2% in January this year, while for silver it was increased from 3% to 6%.

With roughly $60 billion worth of gold import in the first 11 months of 2011-12, the basic idea of the India is to restrict the import.

Source: BullionStreet