The government on Tuesday slashed the import tariff value of gold and silver marginally to $539 per 10 gm and $979 per kg, respectively, amid volatile movement in the global prices of precious metals.
The tariff value, which is released fortnightly, is the base price on which the customs duty is determined, to prevent under-invoicing. During December, the tariff value of gold was $550 per 10 gm, while silver was $1,062 per kg.
The Central Board of Excise and Customs (CBEC) on Tuesday issued a notification in this regard.
The government decided to reduce the import tariff value of precious metals following volatile price trend in the international market.