The Government on Thursday slashed the import tariff value on gold and silver to $422 per 10 grams and $ 632 per kg respectively, taking weak global cues.
Till the second fortnight of April, tariff value on imported gold stood at $431 per 10 grams and silver at $ 646 per kg. The import tariff value -- base price at which customs duty is determined to prevent under-invoicing -- is revised on a fortnightly basis taking into account the volatility in global prices.