The government hiked import tariff value on gold and silver to $399 per 10 grams and $495 per kg, respectively, taking cues from global market. For the first fortnight of this month, the import tariff value on gold was fixed at $388 per 10 grams and on silver $487 per kg.
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. The change in tariff value of these precious metals has been notified by the Central Board of Excise and Customs (CBEC).