delhi raises base import price of gold and silver
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

Delhi raises base import price of gold and silver

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Arab Today, arab today Delhi raises base import price of gold and silver

New Delhi - Arabstoday

India, the world’s biggest bullion consumer, has raised the base import price for gold by 5.7 per cent to $556 per 10 grams and that of silver by nearly 12 per cent to $1,067 per kg, a government statement said on Wednesday. Base price is the rate at which imports are taxed, irrespective of the purchase price, to prevent under-invoicing.The move, which could hit annual Indian demand of around 800-900 tonnes of gold, is seen as a measure to raise state revenues as the government struggles to meet its fiscal deficit target due to increasing outlays, including subsidies for fuel and food.

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