Import tariff value is the base price at which customs duty is determined to prevent under-invoicing. The tariff value is revised on a fortnightly basis after analyzing the global price trend.
    
Till 27th February, the import tariff value on gold was at USD 421/10 grams, while on silver it stood at USD 663/kg.
    
The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).
     
In London, gold prices on Friday fell by 0.35 percent to USD 1,327.20 an ounce and silver by 0.42 percent to USD 21.17 an ounce.

Domestic gold and silver prices remained down following weak global price trend.
    
Gold is the second largest import item for India after petroleum. The government has taken several measures to curb gold shipments to address the high current account deficit.
     
According to the jewellers’ body, total gold imports are expected to be not more than 550 tonnes this fiscal due to these restrictions, from 845 tonnes in the last fiscal.

(Agencies)

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