New Delhi : The government cut the import tariff value on gold and silver to USD 396 per 10 gram and USD 575 per kg, taking into account weak global trends.
For the second fortnight of September, the tariff value on imported gold was fixed at USD 420 per 10 gram, while that for silver at USD 645 per kg.
The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is revised on a fortnightly basis considering volatile global prices. After registering decline, gold imports surged to USD 2.03 billion in August this year from USD 738.7 million in the same month last year.