The government has cut import tariff value on Gold to 375 US dollar per 10 grams. An official statement says the import tariff of Silver also has been slashed to 512 US dollar per kg following weak global price trends. During the first fortnight of the month, the tariff value on imported Gold was fixed at 393 US dollar per 10 grams and on Silver at 549 US dollar per kg. The import tariff value is the base price at which customs duty is determined to prevent under-invoicing. The tariff value is revised on a fortnightly basis, taking into account global prices. The decrease in tariff value on imported Gold has been notified by the Central Board of Excise and Customs.