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Informist, Wednesday, May 20, 2026

 

--Govt cuts silver base import price by $355/kg to $2,455/kg 

 

MUMBAI – The government has cut the base import price on silver by $355 per kilogram to $2,455 per kg from $2,810 per kg, according to a notification issued by the Central Board of Indirect Taxes and Customs on Tuesday. The cut is effective from Wednesday. The government, however, kept the base import price on gold unchanged at $1,508 per 10 grams.

 

The government revises the base import prices on gold and silver every fortnight. The base import price is used to calculate the duty on precious metals brought into the country. India is one of the world's biggest importers of silver and the largest consumer of gold. 

 

Meanwhile, the government has increased the import duty on gold and silver to 15% from 6% in a bid to curb imports of precious metals. Basic customs duty on gold and silver imports was increased to 10%, while the Agriculture Infrastructure and Development Cess was increased to 5%.  End

 

US$1 = INR 96.82

 

Reported by Taniva Singha Roy

Edited by Saji George Titus

 

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