In the wake of rising global prices of precious metals, the government today increased the import tariff value of gold and silver marginally to $561 per 10 gram and $1,058 per kg, respectively. The tariff value, which is released every fortnight, is the base price on which the customs duty is determined to prevent under-invoicing. During October, tariff value of gold stood at $556 per 10 gram and of silver at $1,039 a kg. The Central Board of Excise and Customs (CBEC) issued a notification in this regard. Besides, the government has reduced the import tariff value of RBD palmolein and brass scrap to $887 per tonne and $4,029 per tonnes, respectively.
Coffee exports pegged at 5-m bags
India's coffee exports are expected to decline by 5% to 5.51 million bags (about 3.30 lakh tonne) in the current marketing year due to an expected larger global supply of the brew, a USDA report said. Coffee exports from India stood at 5.81 million bags of 60 kg each (about 3.49 lakh tonnes) in 2011-12 marketing year (October-September), United States department of agriculture (USDA) said in its latest report. "Exports for marketing year (2012-13) are forecast at 5.5 million bags, down just 3,00,000 bags from last year's record level due to expected larger global supplies," it added. While global Arabica prices have dropped significantly, prices for Robusta, which comprises the bulk of Indian exports, have been relatively steady, lending support to the expectation that exports will again be near record, it said.