The government has hiked the import tariff value on gold to 445 dollar per 10 grams from 433 dollar per 10 gram earlier.

A notification by the Central Board of Excise and Customs however said, the import tariff value — the base price at which customs duty is determined to prevent under-invoicing — in case of silver has been reduced to 694 dollar per kg from 699 per kg earlier. The tariff value is revised on a fortnightly basis after analysing the global price trend.

Gold is the second largest import item for India after petroleum. The government had taken several measures to curb gold shipments to address the high current account deficit.