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India's Ministry of Finance lowered the benchmark tariff of gold and silver

  • Author:Josephine wang
  • Source:Yadao
  • Release on:2014-08-30

India's Ministry of Finance on Friday (August 29) issued a notice announcing the benchmark gold import tariff price from $ 426/10 grams down to $ 420/10 grams and silver import tariff benchmark price from $ 650 / kg down to 645 USD / kg.

India's Ministry of Finance usually based on global commodity price changes to adjust import tariffs benchmark price.

Since Indian jewelry retailers in time for the festive arrival gold reserves to stimulate buying increases, the price of gold rose again on Friday in India 70 rupees to 28,300 rupees / 10 grams. At the same time, by industry and coins manufacturers buying, driven by the price of silver rose on Friday in India 150 rupees to 43,000 rupees / kg.

Indian Commerce and Industry Minister recently has once again called for the relaxation of Nirmala Sitharaman gold import restrictions, and that stringent restrictive policies have hit the Indian jewelry industry.

Sitharaman pointed out that despite the lifting of import restrictions may make part of the current account deficit (CAD) to go wide, but, and rampant smuggling of gold compared to the impact to be much smaller.