The government has slashed the import tariff value of gold and silver to $466 per ten grams and $761 per kg, respectively, considering weak global price trend.
Tariff value is the base price on which the customs duty is determined to prevent under-invoicing. Till last month, the tariff value of gold was $472 per ten grams, while silver was $762 per kg.
The government has cut the import tariff value of the yellow metal as international prices of the precous metals showed a declining trend with investors shifting funds to equities with firming up of dollar.
In the London market, gold prices fell by 1.6 per cent to $1370.82 per ounce, while silver declined by 1.8 per cent to $22.20 an ounce.
Similarly, gold prices in the national capital fell by Rs 500 to Rs 26,800 per ten grams, while silver dropped by Rs 1,000 to Rs 43,700 per kg.
Besides bullion, the government has hiked the tariff value of crude palm oil to $831 per tonne from $827 per tonne, while RBD palm oil has been reduced to $836 per tonne from $857 tonne in April 27.
The tariff value of crude soyabean oil and ther varieties of palm oil have also been raised.
An official release said the notification in this regard was issued by the Central Board of Excise and Customs (CBEC).
With inputs from PTI