India keeps gold base import price unchanged

  • 17-Apr-2019
  • India keeps gold base import price unchanged

The central government has kept the base import price of gold unchanged at $417 per 10 gm, according to an official release. The base import price for silver has been cut $4 to $486 per kg.

Base import prices were last revised on March 29.

Base import prices, typically revised every fortnight, are used to calculate duty on gold and silver that individuals bring into the country. India levies 10% import duty each on both the precious metals.

Meanwhile, the government has raised base import prices of all edible oils, except those of crude soyoil, by $6-$11 per tonne.

The base import price of crude soyoil was cut by $18 to $693 a tonne, according to a notice by the Central Board of Excise and Customs.

The government levies import duty ad valorem, and reviews the base prices of edible oils fortnightly on the basis of global prices and foreign exchange rate. Base import prices of edible oils were last revised on March 29.

Base import prices of refined, bleached, and deodorised palm oil and crude palm oil were raised by $11 each. Base import prices of crude palmolein and refined, bleached, and deodorised palmolein were increased by $6 each.

India is the world's largest importer of edible oils. Palm oil accounts for the bulk of the total edible oils imported annually, with most purchases coming from Indonesia and Malaysia. Most of the crude soyoil is imported from Argentina, the world's third largest producer of soybean.

The country’s vegetable oil imports rose 26% on year to 1.45 mln tn in March, according to data from the Solvent Extractors' Association of India.

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