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Gold, silver import tariff values hiked

  •   Fri, Aug 30 2013 07:47:54 PM

New Delhi, Aug 30 (IANS): The government Friday raised the import tariff on gold to $461 per 10 grams from $432.

The import tariff value of silver was also raised to $803 per kg from $697 per kg.

Tariff value is the base price taken to determine customs duty, so as to prevent under-invoicing.

Gold prices in Delhi touched a peak Wednesday of Rs.34,500 per 10 grams, thus recording an increase of 9 percent in August.

Gold closed Friday at Rs.31,700 per ten grams and silver at Rs.54,000 per kg.

Gold imports to India, the world's largest consumer, in the first four months of the current financial year, rose 87 percent to 383 tonnes.
  

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Comment on this article

  • lukas, malpe

    Sat, Aug 31 2013

    Some time government has to take harsh decision,because our people buying Gold more then they want.so government has to put more tax on Gold buyer and give 10 grams gold to the all BPL family with free of cost.

    DisAgree [1] Agree [3] Reply Report Abuse

  • sujith madivala polali, mangalore

    Sat, Aug 31 2013

    Totally this government knows only to hike nothing else ,they have failed in all aspects in terms of development economy management of country they are only expert in looting middle class people of India
    U.P.A IS THE ONE OF THE MOST CORRUPTED GOVERNMENT IN THE HISTORY OF INDIA
    BUT THEY ARE EXPERT IN FOOLING PEOPLES THAT IS THE REASON THEY STILL HAVE SUM EXPERTS SUPPORTING THEM

    DisAgree [3] Agree [2] Reply Report Abuse

  • Joseph F. Gonslaves, Bannur, Puttur / Mangalore

    Sat, Aug 31 2013

    Those citizens who have, do have plenty of money to invest in Gold. Those have not's also are trying to buy gold by any means.
    INDIAN CITIZENS HAVE BIG HEART.
    A BOLD HEART TO LOVE GOLD

    DisAgree Agree [2] Reply Report Abuse

  • R Mallar, Kasaragod/ Dubai

    Sat, Aug 31 2013

    When people lose faith in currency/ shares they invest in gold. This is world wide phenomenon. Gold hit its peak when US economy was at a low and $ was weak. Gold prices started tumbling, when US economy strated reviving.
    So preaching that we should not stock gold sounds hollow when the government itself is making gold more and more costlier. It becomes more attractive from investment point of view.

    DisAgree [1] Agree [2] Reply Report Abuse

  • A.Quadros, Kundapur/Bangalore

    Sat, Aug 31 2013

    Well said Prasheesh Kumar S. Let your expression of thought may become enlightenment for all those who live in darkness.

    DisAgree Agree [3] Reply Report Abuse

  • AF, mangalore

    Sat, Aug 31 2013

    India has become poor and our Indians become rich ,restrictions doen'nt help people has to chnage thier mentality and make the difference

    DisAgree Agree [5] Reply Report Abuse

  • Prasheesh Kumar. S. , Mumbai.

    Sat, Aug 31 2013

    Indians should atleast stop wasting huge quantity Gold & Silver for Decorating Temples or making 14 feet tall Chariot for Gods.
    God has made Gold & Mud with his same hand. So, for God Gold & Mud are of same value. So do not try to Bribe God with Gold & Diamonds, because God is not corrupt like Human beings.
    God likes only simplicity in Devotion and offering of simple Flowers & Fruits will please him more than Gold & diamonds.

    DisAgree [1] Agree [25] Reply Report Abuse

  • P S Shetty, Mangalore

    Sat, Aug 31 2013

    Flower - the Most Beautiful Creation of Mother Nature.
    Fruit - the Tastiest Creation of Mother Nature.
    God likes only these two very Best Natural Creations.
    ( Well said Prasheesh Mumbai ).

    DisAgree Agree [20] Reply Report Abuse

  • Gurudath, M'lore/Mumbai

    Fri, Aug 30 2013

    Smugglers will like it!!

    DisAgree Agree [2] Reply Report Abuse

  • R Mallar, Kasaragod/ Dubai

    Fri, Aug 30 2013

    $461 is approximately Rs 30,000/- Does it means that the import duty is about 90%?

    DisAgree Agree [1] Reply Report Abuse

  • Ramakrishna. K. , Mangalore

    Sat, Aug 31 2013

    It is not Duty or Tax but it is Import-Tariff-Value, which means invoicing-Value of Gold. Govt has taken this step because just to avoid higher Import Duty, the dishonest Importers were under-invoicing imported gold by falsely showing lower Purchase-cost abroad and evading import Tax.

    DisAgree Agree [5] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Aug 30 2013

    now restrict usage of private cars using odd and even no.......

    DisAgree [4] Agree [22] Reply Report Abuse

  • Shameer, UAE

    Sat, Aug 31 2013

    Sieze the pondichery registered (luxury-ultraluxury-sports-imported cars) if plying outside Pondicherry. People are cheating the governments right under their nose by registering cars from pondichery and evading registration tax on these imported cars and the governments are silent.

    DisAgree Agree [18] Reply Report Abuse


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