The government on Friday slashed the import tariff value of gold to $440 per ten gram and raised it on silver to $738 per kg, in line with global prices of the precious metals.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
The tariff value on imported gold was hiked two days back to $442 per ten gram, while it was kept unchanged at $699 per kg for silver.
Normally, the import tariff value is revised on a fortnightly basis. The sudden revision has taken place in view of volatility in the global prices.
The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official statement said.
Apart from precious metals, tariff value on imported brass scrap has been slashed to $3,840 per tonne from $3,933 per tonne maintained till yesterday.
However, the tariff value on imported vegetable oils like crude soyabean oil, RBD palm oil and others have been raised.