The government on Thursday reduced the import tariff value of gold and silver to $418 per 10 gram and $699 per kg respectively, in line with global rates of the precious metals.
The tariff value, the base price at which the customs duty is determined to prevent under-invoicing, stood at $436 per 10 grams for gold and $702 per kg for silver during the last fortnight.
The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official statement said.
India, the worldís largest consumer of gold, imported about 860 tonne of gold in 2012. The government has taken several steps to reduce gold imports including a hike in custom duties.
The government has raised the import tariff value of brass scrap to $3,933 per tonne from $3,860 per tonne.