The government has increased the tariff value of gold to 521 dollar per 10 grams, making import of gold in any form costlier. According to an official release however, the tariff value for silver has been lowered to 920 dollar per kg. The base price on which the customs duty is determined to prevent under invoicing and released every fortnight for gold stood at 516 dollar per 10 grams and for silver at 930 dollar a kg.
Press Release from Ministry of Finance dated 02.04.2013 –
Change in Tariff Value of RBD Palmolein, Gold and Silver
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC), being satisfied that it is necessary and expedient so to do, has made the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001.
In the said notification, for TABLE-1 and TABLE-2, the following Tables shall be substituted :-
TABLE-1
| S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value US $
(Per Metric Tonne) |
| 1 | 1511 10 00 | Crude Palm Oil | 829 |
| 2 | 1511 90 10 | RBD Palm Oil | 855 |
| 3 | 1511 90 90 | Others – Palm Oil | 842 |
| 4 | 1511 10 00 | Crude Palmolein | 860 |
| 5 | 1511 90 20 | RBD Palmolein | 863 |
| 6 | 1511 90 90 | Others – Palmolein | 862 |
| 7 | 1507 10 00 | Crude Soyabean Oil | 1093 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4015 |
| 9 | 1207 91 00 | Poppy seeds | 4395 |
TABLE-2
| S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value
(US $) |
| 1 | 71 or 98 | Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed | 521 per 10 grams |
| 2 | 71 or 98 | Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed | 920 per kilogram ” |
