The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is revised on a fortnightly basis taking into account global prices.

The increase in tariff value on imported gold and silver has been notified by the Central Board of Excise and Customs, an official statement said.

Globally, gold and silver prices continue to be volatile. In New York, gold prices ruling firm at USD 1261 an ounce and silver at around USD 16 per ounce on Friday.

Last month, India -- the world's largest consumer of gold -- imported gold worth USD 1.34 billion, less than one-fourth of USD 5.61 billion in the previous month – notwithstanding the easing of import curbs for the precious metal.

However, gold imports were still higher on a year-on-year basis by 7.4 percent from USD 1.25 billion in December 2013.

A recent report commissioned by Wold Gold Council (WGC) has suggested that India should move beyond import curbs and should come up with a national gold policy to put an estimated 22,000 tonnes of idle gold assets into active use.     

The report also recommended launch of several investment products, establishment of a Gold Board for managing import-export, develop accredited refineries, drive gold monetisation by incentivising banks and introduce compulsory quality certification of gold.

Latest News  from Business News Desk