The government, on Friday, slashed the import tariff value of gold to $535 per 10 grams and reduced the rate for silver marginally to $1,003 a kg due to weakening global prices of precious metals.
The tariff value is the base price on which the customs duty is determined to prevent under-invoicing.
In the last fortnight, the tariff value for gold was $545 per 10 grams, while for silver it was $1,018 a kg.
The Central Board of Excise and Customs (CBEC) issued a notification in this regard.
However, the government has increased the import tariff value of RBD palmolein to $912 from $870 a tonne in the last fortnight, while the tariff value of brass scrap was lowered to $4,074 from $4,077 a tonne.