New Delhi, July 16 (KNN) Government today further cut down the import tariff value of gold to USD 376 per 10 grams and of silver to USD 498 per kg due to weak global prices. 

For last fortnight, the tariff value of gold was fixed at USD 382 per 10 grams and silver at USD 516 per kg. 

The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is revised on a fortnightly basis taking into account global prices. 

The decrease in tariff value on imported gold and silver has been notified by the Central Board of Excise and Customs, according to an official statement. 

Gold is the second-largest import item for India after petroleum. (KNN Bureau)