Despite the fact that gold plays crucial role in the coming festival season in the domestic market, the government has the hiked tariff value or the base price of imported gold to $442 per 10 gram. The government move has been in line with the rise in price of the precious metal in global markets.
The Central Board of Excise and Customs (CBEC) has issued the notifications for the new rates. It is noted that earlier the tariff value of gold was $418 per 10 gram.
However, the tariff value of silver is kept unchanged at $699 per kg.
Needles to say that India is the world’s largest consumer of gold. Keeping in mind the coming festival season, large section of country eyeing on the marketing of gold and the decision of government in this regard will certainly affect the interests of consumers.
(With inputs form IANS)
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