|Mumbai: India has raised its import tariff value of gold and silver on Wednesday. Indian government has trimmed its import tariff value of gold from $421 per ten grams to $431 per 10 grams and silver from $644 per kilo gram to $ 646 per kilo gram, said the ministry of finance.|
|Import 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). The tariff value is revised on a fortnightly basis after analyzing the global price trend.|
|Gold is the second largest import item for India after petroleum. Due to government curbs, the countrys total gold and silver imports dropped 40 per cent to $33.46 billion in 2013-14, as against $55.79 billion in the previous year.|
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