In an official notification issued on Monday, the Central Board of Excise and Customs of the Indian government has reduced the import tariffs on gold and silver. While the import tariff value of gold will now be $385 per 10 grams, the import tariff on silver has also been cut to $544 per kg.

The import tariff value is revised every fortnight taking into account global prices. It is the base price at which customs duty is determined.

In the previous fortnight, the tariff value on imported gold was $398 per 10 grams and on silver at $567 per kg.