The Government of India reported an increase in the value of gold as a basis for calculating customs tariffs from $ 433 to $ 445 for 10 g. For silver, the base price, set in order to avoid understating the value of imports, was, on the contrary, lowered from $ 699 to $ 694 per kg.
The relevant notice was made public last week by the Central Commission for Excise and Customs (CBEC).
Usually the basic cost of goods for the purposes of customs clearance is reviewed twice a month, based on the analysis of current trends in the world market.
In India, gold is the second largest import item (after oil). In order to reduce the large trade balance deficit, in recent months the Indian government has taken a number of measures to limit gold imports, including raising the import duty to 10% and imposing a duty on the subsequent export of at least 20% of imported gold, which created a shortage of supplies in the domestic market.