Reduction in tariff value for levying import duty on silver

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(By commercial representative) Mumbai, Ta. 16 September 2020, Wednesday

Behind the world market, the Mumbai gold and silver market saw a sharp fall in prices. The government has announced a reshuffle in the tariff value used as a benchmark to levy import duty on both the precious metals. The dollar index is up. The rupee strengthened against various currencies today. In the US, crude oil stocks fell and prices rose.

In the Mumbai market, gold at Rs 9.50 per ten grams, excluding GST, which had closed at Rs 315 yesterday, fell to Rs 5,150. Gold was trading at Rs 715 against Rs 715. Silver. The price of one kg was Rs.

In the Ahmedabad market, silver fell by Rs 200 to Rs 2,000 per kg, while gold rose by Rs 200 to Rs 500 per ten grams and Rs 200 per kg.

The government has announced a reshuffle in the tariff value used as a benchmark to levy duty on gold and silver imports. The tariff value on silver, which was ૮૮ 51 per kg, has been slashed to ૮૬૬ 6, while on gold, it has been reduced to ૬૩ 61 from ૬૩ 50 per 10 grams.

World gold prices fell by ૯૬૯ 15 an ounce to ૯૬૩ 15 an ounce in late evening trade, while silver traded at ૨૭ 2.3 an ounce, up from ૫૨ 4.5 an ounce. Gold was under pressure and the dollar index rose as industrial data from countries including the US, China and Germany came in good.

The rupee strengthened against the global currency market. The dollar was down 19 paise at Rs 2.8, the pound was down 19 paise at Rs 2.3 and the euro was down 3 paise at Rs 2.7.

In the US, crude oil stocks fell by 3 lakh barrels and crude oil prices improved. New York crude was trading at ૫ 2.15 a barrel and Brent was trading at ૪ 71.50.

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