Modi Govt Cuts Gold, Silver Import Prices: Big Relief for Importers, Consumers

• Central government announces reduction in base import prices for gold and silver, effective March 31.
• CBIC issued new orders under Customs Act, 1962, amending old notification on imported goods valuation.
• Gold's base import price set at $1450 per 10 grams, down $31 from previous $1481.
• Silver's base import price set at $2201 per kilogram, a $61 reduction from $2262.
• Lower base import value reduces tax burden on importers, potentially leading to stable or lower domestic prices.