The government on Tuesday cut the tariff value of gold
and silver to $499 per 10 grams and $890 per kg, respectively, taking into account weak global prices of the precious metals.
Tariff value is the base price on which the customs duty is determined to prevent underinvoicing. During the first fortnight of April 2013, the tariff value of gold stood at $521 per ten grams and silver at $920 per kg.
According to the notification issued by the Central Board of Excise and Customs (CBEC), the tariff value of gold and silver has been reduced, while tariff value of RBD palmolein has been raised marginally.
The tariff value of RBD palmolein has been increased to $867 per tonne now from the earlier $ 863 per tonne.