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The Finance Ministry has slashed the tariff value on gold imports to $440 per 10 gram from an earlier level of $466 per 10 gram.
Tariff value is the base price on which customs duty is determined to prevent under-invoicing. The tariff value on silver stays unchanged at $761 per kilogram, given the weak global price trend.
Since April 15, the Finance Ministry has altered the tariff value on gold over half a dozen times. Bullion had slumped 14 per cent in two days through April 15, the worst since 1983.
Since then, there had been a surge in demand and prices had rallied.
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