India slashes base import price of palm oil, gold
India Today
The Union government has slashed the base import prices of crude and refined palm oil and gold. India is the world's biggest importer of edible oils and the second-biggest consumer of gold.
India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market.
The government revises base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.
India is the world's biggest importer of edible oils and silver and the second-biggest consumer of gold.
Base prices for all commodities are in $ per tonne, except for gold and silver. The gold tariff is in $ per 10 grams and silver in $ per kg.
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