The government has slashed the import tariff value of gold and silver to $466 per ten grams and USD 761 per kg,respectively,considering weak global price trend.
Tariff value is the base price on which the customs duty is determined to prevent under-invoicing.
Till last month,the tariff value of gold was USD 472 per ten grams,while silver was USD 762 per kg.
The notification in this regard was issued by the Central Board of Excise and Customs (CBEC),an official release said.
Besides bullion,the government has hiked the tariff value of crude palm oil to USD 831 per tonne from USD 827 per tonne,while RBD palm oil has been reduced to USD 836 per tonne from USD 857 tonne in April 27.
The tariff value of crude soyabean oil and ther varieties of palm oil have also been raised.
Government has cut the import tariff value of gold as international prices of the precous metals showed a declining trend as investors shifted funds to equities with firming up of dollar.
In the London market,gold prices fell by 1.6 per cent to USD 1370.82 per ounce,while silver declined by 1.8 per cent to USD 22.20 an ounce.
Similarly,gold prices in the national capital fell by Rs 500 to Rs 26,800 per ten grams,while silver dropped bvy Rs 1,000 to Rs 43,700 per kg.