The Government has reduced import tariff value of gold and silver to $392 per ten grams and $ 638 per kg, respectively.
Import tariff value is the base price at which customs duty is determined to prevent under-invoicing.The tariff value on imported gold earlier stood at $ 398 per 10 grams, while on silver at $643 per kg.The notification in this regard has been issued by the (CBEC), an official release said on Thursday.