Silver Import Price Hiked, Gold Reduced: Impact on Market

• Government increased silver's base import price by $20/kg to $2,820/kg, impacting import duty calculations.
• This hike may raise costs for importers and potentially domestic silver prices, though the impact is expected to be limited.
• Central Board of Indirect Taxes and Customs also reduced gold's base import price from $1664 to $1652 per 10 grams.
• Revisions align with international precious metal prices and update the tax system due to global market fluctuations.
• India, a major importer, sees these changes influence its significant gold and silver import bill.