The government of India has decided to reduce customs tariffs for import of gold to $ 375 for 10 grams and for import of silver - up to $ 512 per kilogram after reduction of world prices for these metals, reports the Times of India. In the first two weeks of this month, the tariff was fixed at $ 393 for 10 grams of gold and $ 549 per kilogram of silver.
The amount of the customs tariff is the base amount by which import duties are determined. This is done in order to prevent billing at low prices. Customs tariffs are revised every two weeks, taking into account the world prices for precious metals. The relevant notice on the reduction of these tariffs was announced last week by the Central Commission for Excise and Customs (CBEC).
Gold prices in New York, usually determining pricing trends, declined from $ 1,162 to $ 1158.6 per ounce. The price of silver fell to $ 15.64 per ounce.
In February of this year, gold imports to India increased by 49% to $ 1.98 billion in annual terms, while silver imports decreased by $ 60.47% to $ 121.42 million in the same period.
Gold is the second most important import commodity in India after oil. The higher cost of gold imports directly affects the current trade deficit in the country. The Indian government has repeatedly appealed to the population to refrain from buying gold and instead focus on investments of a different kind.