The Indian government announced the reduction of the import tariff value of gold and silver on 1 June 2015.
The import tariff value of gold was slashed by nearly 3.27 percent, from the existing US$398 to US$385 per 10 grams, while the import tariff value of silver was reduced by over 4 percent, from US$567 to US$544 per kilogram, according to the Central Board of Excise and Customs.
The import tariff value, the base price at which customs duty is determined to prevent under-invoicing, is revised on a fortnight basis according to international prices of precious metals.
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