Taking cognizance of the high volatility in gold prices with a downward bias in global markets, the government, on Wednesday, reduced the import tariff value of the yellow metal to $440 per 10 grams from $ 466 per 10 grams fixed a week ago.

For silver, however, the import tariff value, which is the base price on which customs duty is determined to prevent under-invoicing, has been kept unchanged at $761 a kg.

According to the notification issued in this regard by the Central Board of Excise and Customs, the tariff value on import of different varieties of vegetable oils, brass scrap and poppy seed also remains unchanged.

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