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.
Apart from precious metals, the government has reduced the import tariff value of RBD palmolein and poppy seeds to $835 per tonne and $4870 per tonne, respectively.
Last month, tariff value of RBD palmolein stood at $872 per tonne, while poppy seed stood at $5,346 per tonne.
However, the tariff value of brass scrap was increased to $4,090 per tonne from $4,069 per tonne.
The government decided to reduce the import tariff value of precious metals following volatile price trend in the international market.
Special 
