The domestic price of gold i.e the current landed cost of gold can be used to determine
the price of gold in India which can be calculated by inputting spot gold price
in US dollar/Oz and spot US dollar to India Rupee Exchange Rate *Gold shall be valued
based on the formula mentioned in SEBI circular no. SEBI/IMD/CIR No. 2/65348/06
dated April 21, 2006. The Domestic price of gold = (London Bullion Market Association
AM fixing in US$/ounce X conversion factor for converting ounce into kg for 0.995
fineness X rate for US$ into INR) + custom duty for import of gold + sales tax/octroi
and other levies applicable from time to time.
The customs duty is charged as per the revised rates w.e.f March 2010.