The Government on Tuesday slashed the import tariff value on gold and silver to $359 per 10 grams and $470 per kg respectively, following weak global cues.
In the first fortnight of this month, the tariff value on imported gold was $369 per 10 grams and on silver it was $471 per kg.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value is revised on a fortnightly basis.