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The government on Monday slashed the import tariff value of gold to $385 per 10 grams, an official statement said here.
The import tariff on silver has also been reduced to $544 per kilogram on Monday.
Till last fortnight, the tariff value on imported gold was $398 per 10 grams and on silver at $567 per kg.
The import tariff value is the base price at which customs duty is determined to prevent under-invoicing and is revised every fortnight.
