Tariff Value of Gold and Silver increased
THE Government has increased the Tariff value of Gold from 378 USD to 388 USD per 10 gms. The tariff value of Silver is also increased from 517 USD to 540 USD per kilogram. It is said that due to the unexpected scrapping of the 20:80 gold import rule by the RBI last Friday the prices of gold would drop to Rs.24,000/-per 10 grams. This norm was introduced on 14th August last year, together with a duty of 10%, at a time when the current account deficit had touched a record and gold imports had been surging. The restriction required the traders to export 20% of the precious metal they bought from overseas. The decision was welcomed by jewellers who were facing difficulties in sourcing gold during the wedding season that started a month ago.
Be that as it may, Indians are crazy about gold and would continue to buy irrespective of the price variations. Thankfully, petrol is becoming cheaper day by day and manufacturers of diesel motor vehicles are a worried lot!
Apart from the above, Tariff values of all oils have been brought down & even Brass Scrap meets a similar fate. The Tariff values of Poppy seeds and Areca nuts are not disturbed.
The Tariff values as on 14.11.2014 and with effect from 28.11.2014 are as under:
Table 1 | ||||
S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value USD (Per Metric Tonne) | Tariff value USD (Per Metric Tonne) |
|---|---|---|---|---|
(1) | (2) | (3) | (5) | (6) |
1 | 1511 10 00 | Crude Palm Oil | 734 | 710 |
2 | 1511 90 10 | RBD Palm Oil | 761 | 740 |
3 | 1511 90 90 | Others -Palm Oil | 748 | 725 |
4 | 1511 10 00 | Crude Palmolein | 764 | 747 |
5 | 1511 90 20 | RBDPalmolein | 767 | 750 |
6 | 1511 90 90 | Others -Palmolein | 766 | 749 |
7 | 1507 10 00 | Crude Soyabean Oil | 847 | 836 |
8 | 7404 00 22 | Brass Scrap (all grades) | 3808 | 3749 |
9 | 1207 91 00 | Poppy seeds | 3747 | 3747 |
Table 2 | ||||
S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value USD | Tariff value USD |
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. | 378 per 10 grams | 388 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. | 517 per kilogram | 540 per kilogram |
Table 3 | ||||
S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value USD (Per Metric Tons) | Tariff value USD (Per Metric Tons) |
1 | 080280 | Areca nuts | 2239 | 2239 |
Notification No. , Dated: November 28, 2014