India increases base import price of Gold by $5 per 10 gram

MUMBAI (May 16) The central government has increased the base import price of gold by $5 to $418 per 10 grams, according to an official release.

Meanwhile, the government has further slashed the import tariff value of silver to $476 per kilogram from $483 per kg earlier.

Base import prices were last revised on May 1.

Base import prices, typically revised every fortnight, are used to calculate duty on gold and silver that individuals bring into the country. India levies 10% import duty each on both the precious metals.

The government also raised the base import price of brass scrap (all grades) by $1 to $3687 per tonne.

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