India tightens gold import rules further
The Times of India reports the tariff value is the base price used to calculate customs duty on gold imports. The system is designed to prevent under-invoicing.
Gold is India's number two import item in terms of value after crude oil and the government has been trying to curb imports to reduce the country's chronic balance of payments problem.
India hiked the import tax from 2% to 6% over the past year, banned traders from importing gold on margin and may announce further regulations this month, including barring state-run entities from importing gold.