The government on Monday hiked import tariff value on gold and silver to USD 411 per 10 grams and USD 632 per kg as global prices have increased in the wake of escalating violence in Iraq.

In the first fortnight of June, tariff value on imported gold stood at USD 408 per 10 grams and silver at USD 617 per kg.

The hike in tariff value on imported gold and silver has been notified by the Central Board of Excise and Customs, an official statement said.

The country’s gold imports have declined over 74 per cent to USD 1.75 billion in April 2014 due to restrictions imposed by the government on inbound shipments of the precious metal to narrow the current account deficit.

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