On June 2, the government of India reduced tariffs for calculating duties on imports of gold and silver to $ 408 for 10 g and $ 617 for 1 kg, respectively, which is due to a weakening of world prices for metals in ingots. In the second half of May, the tariff for imported gold was $ 424 for 10 g, and for silver - $ 650 per 1 kg.
The size of the tariff is the base price from which the customs duty is calculated, it is established to prevent undervaluation of the gold trade and is revised twice a month, taking into account the volatility of world prices for precious metals.
The Central Council of Excise and Customs (CBEC) officially notified the reduction of the tariffs.
Because of the restrictions set by the Indian government, total imports of gold and silver fell in the fiscal year 2013-14 to $ 33.46 billion, compared to imports of $ 55.79 billion in the previous fiscal year.
Gold is the second largest item of Indian imports after oil, and the government has taken a number of measures to limit imports of gold to reduce the trade deficit. In particular, the import duty was raised to 10%, and traders were obliged to ensure the export of 20% of imported gold.