In line with global rates of gold and silver, the government yesterday cut down the import tariff value of gold to USD 440 per ten gram and hiked silver value to USD 738 per kg. The import tariff value is base value at which custom duty is decided to avoid the under invoicing of these precious metals. Typically the value is raised fortnightly and the sudden move is to cop with the volatility of the gold prices.
In addition to gold, the import value of imported brass scrap has also been cut down. Imported vegetable oils like RBD palm oil and crude soybean oil are also undergone a tariff value change. According to the fluctuation in the global market , the tariff values of Gold and silver can be again changed.