Significant reduction in tariff value for levying import duty on silver

(By commercial representative) Mumbai, Ta. 25 September 2020, Friday

The recession has come to a halt as gold and silver continue to decline at home behind the world market. The tariff value used as a benchmark for collection of gold and silver import duty in the country has been announced today with a significant reduction in the tariff value of silver. The world market has seen a five per cent decline in gold this week. After a two-day decline, the country's stock markets rebounded and the rupee strengthened. Crude oil saw a softening over the weekend.

At home, the GST-free price of 10 grams of gold in the Mumbai market, which was Rs 6 yesterday, rose to Rs 5 and closed at Rs 4 today. Gold was trading at Rs 8.20, up from Rs 4, to close at Rs 4, 2013. Prices with GST were quoted three per cent higher.

Silver. The price of one kg excluding GST was Rs. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, silver rose by Rs 200 to Rs 200 per kg, while gold rose by Rs 500 to Rs 31,100 per ten grams and Rs 21,600 per 6.50 kg. The government has announced a reduction in the tariff value used as a benchmark for collection of silver import duty.

The tariff value of gold has been kept unchanged at ૬૩ 61 per 10 grams. The tariff value of silver has been reduced by ૬ 105 per kg to ૭૬ 50. The price of an ounce of gold in the world market, which was ૮૫૯ 15 yesterday, has gone up to ૮૭૩ 15 and was trading at ૮૫૭ 15 late in the evening.

Silver was trading at 4.50 an ounce, up from ૩૭ 4.5 an ounce. The price of another precious metal, platinum, rose from ૮૩૮ 6 to ૮૬૨ 6 an ounce. Palladium was trading at ડો 20, up from 5 to ૯૭ 215.

The rupee strengthened against major currencies as the country's stock markets rebounded after a two-day decline. The dollar was down 3 paise at Rs 3.91, the pound was down 3 paise at Rs 2.09 and the euro was down 19 paise at Rs 2.01. Unemployment in the United States rose to 2.50 million.

The dollar index rose 1.5 percent this week, the best improvement in five months, while global gold fell 5 percent in the past week. Crude oil was softening over the weekend. New York crude was trading at ૮૪ 4.5 a barrel, while Brent was trading at 71.81.