Tuesday, 3 April 2012

Govt Of India Slashes import Tariff Value of MCX Gold

The government today cut tariff value of mcx tips india gold for bulk imports to USD 539 per 10 grams from USD 573 per 10 grams. More Information about mcx tips india visit the site mcx-today.blogspot.com

For eligible passengers, the tariff value on has been raised slightly from USD 531 per 11 grams to USD 538, an official release said.

The tariff value is the base price on which the customs duty is determined

Tariff value on bulk silver imports has also been slashed to USD 1,032 per kg. For passengers, it has been cut to USD 1,034 per kg.

After the crude oil, MCX India gold is the most imported commodity in India in terms of value.

Bullion traders and jewellers have opposed the recent hikes in tariff value as it would hit demand as the increased costs have to be passed on to consumers.

Early this year, the government had changed the duty structure on gold and silver from specific to value-linked, making the precious metals more expensive.

The import duty on MCX gold was fixed at 2% of the value, instead of the earlier rate of Rs 302 per 10 grams. On silver, the import duty was pegged at 6%, as against Rs 1,500 per kg earlier.

India, the world's biggest consumer of Commodity Tips on MCX gold, imported 967 tonnes of gold in 2011.

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