Import tariff cut on gold & silver

New Delhi : Government on Friday slashed import tariff value on gold and silver to $354 per 10 grams and $470 per kg respectively, tracking weakness in global markets.

For the last fortnight, the tariff value on imported gold was fixed at $373 per 10 grams and on silver it was $517 per kg. The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.

It is normally revised on a fortnightly basis. The change in tariff value of these precious metals has been notified by the Central Board of Excise and Customs, said an official statement issued by the Finance Ministry.