Indian government raised the import tariff value on gold and silver to $354 per 10 grams and $457 per kg respectively, taking global cues.
During the first fortnight of this month, the tariff value on imported gold was fixed at $345 per 10 grams and on silver it was $452 per kg. The government reduced the imports tariff value on brass scrap to $2,558/ tons from $2,904/ tons earlier.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. It is normally revised on a fortnightly basis.