(a) whether there is a steep rise in the prices of precious Gold and Silver in the country during the past few months;
(b) if so, the details thereof, itemwise and the reasons therefor;
(c) whether the import duty on Gold and Silver has been increased by the Government ; and
(d) if so, the details thereof and the reasons therefor?
MINISTER OF STATE IN THE MINISTRY OF FINANCE(SHRI NAMO NARAIN MEENA)
(a) & (b) The rise in price of gold and silver in India in recent months largely
reflects the increase in their prices abroad. During the three months of December
2009 to February 2010, gold prices consolidated after touching a high of Rs
18,220/per 10 gram on December 2, 2009 on the back of continuing dollar weakness,
seasonal demand and industrial and institutional buying. The gold price, however,
declined to Rs 16055/ per 10 gram on February 5, 2010. Similarly, silver prices
touched a high of Rs 30,140/kg on December 2, 2009. Thereafter, the prices
consolidated at the year end and declined to Rs 24,965/kg on February 5, 2010.
The movements in the domestic price of gold and silver are broadly in tandem with
similar movements in international markets.
(c) & (d) Gold and silver attract specific customs duty. Government has decided to
increase the import duty rates on these two metals with effect from 27.2.2010, as
per details indicated below:
Sl Item From To
1. Gold bars, other than tola bars, bearing Rs 200 Rs.300 Manufacturers or refiner’s engraved per 10 per 10 serial number and weight expressed in gram gram metric units, and gold coins
2. Gold in any form (other than those Rs 500 Rs.750 specified against Sl No 1 ) per 10 per 10 gram gram
3. Silver in any form Rs 1000 Rs 1500 per kg per kg