New Delhi: The India government recently reduced the import tariff value on gold to USD 425 per 10 grams due to falling international prices.

On the other hand, the tariff value on silver was raised to USD 690 per kg. As on June 30, the tariff value on imported gold stood at USD 428 per 10 grams and silver at USD 688 per kg.

The import tariff value — base price at which customs duty is determined to prevent under-invoicing – is revised on a fortnightly basis, taking into account the volatility in global prices.

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.