Import of gold, silver gets cheaper

New Delhi, Jan 1 (IANS) The government Tuesday announced reduction in tariff on import of gold and silver that may provide some relief to the buyers of the precious metals as prices remain volatile in the international markets.
Import tariff value on per 10 gram of gold is reduced to $539 from the earlier rate of $550.
For per kilogram of silver, import tariff value is cut to $979 from $1,062, according to a notification issued by the Central Board of Excise and Customs here.
The reduction in tariff value would make the import of gold and silver cheaper. Now the import duties on these precious metals will be levied at lower rates.