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The Indian government has slashed the base import price of palm oil, soyoil, gold and silver, as prices fell in the overseas market. Base import prices, typically revised every fortnight, are used to calculate duty on gold and silver that individuals bring into the country. Gold prices in India include 7.5% import duty and 3% GST.

According to the government notification, the tariff value on imported gold and silver now stands at $566 per 10 gram and $836 per kg. This notification come into force with effect from the 1st July, 2021.

Prior to the latest cut, the tariff value on imported gold and silver stood at $601 per 10 gram and $893 per kilogram respectively.

According to the government notification, the tariff value of $566 per 10 gram on imported gold will apply to

-Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units;

-Gold coins having gold content not below 99.5% and gold findings, other than imports of such goods through post, courier or baggage.

(For the purposes of this entry, “gold findings" means a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place.)

The tariff value of $$836 per kg on imported silver will apply to

-Silver, in any form, other than medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver

-Medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or baggage.

(For the purposes of this entry, silver in any form shall not include foreign currency coins, jewellery made of silver or articles made of silver.)

Global gold prices had corrected sharply last month after Fed's hawkish turn. Spot gold eased 0.1% to $1,769.11 per ounce today as the dollar held firm near a three-month high scaled in the previous session. A stronger dollar makes greenback-priced metals more expensive for holders of other currencies.

(With Agency Inputs)



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