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India hikes import tariff value of Gold, Silver

INDIA August 30 2013 5:45 PM

MUMBAI (Scrap Register): The world's biggest bullion consumer India has hiked import tariff value of gold and silver on Friday as local gold prices in rupee term touched all-time high this week.

India has raised its import tariff value of gold from $432 to $461 per ten grams and increased its silver import tariff value from $697 to $803 a kilo gram.

Indian gold price hits fresh all-time high of Rs 35,074 per ten grams in futures trade on Wednesday on heavy buying as rupee plunged to its new record low of 68.85 against the US dollar.

The government has recently hiked the import duty on refined gold bars to 10% compared to 8% previously, the third hike in eight months, while factory gate duty on gold bars will be 9 percent against 7 percent earlier.

Tariff value is the base price on which the customs duty is determined to prevent under-invoicing. The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).

Gold is the India's second biggest import item after crude oil.

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