MUMBAI (Scrap Register): The central government has lowered the base import price of gold by $5 to $412 per 10 gram, according to an official release. The base import price for silver has been cut $3 to $483 per kg.
Base import prices were last revised on April 16.
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 reduced the base import price of brass scrap (all grades) by $62 to $3686 per tonne.