Government hikes base import prices for gold and palm oil

 

As prices rose on the international market, the government said in a statement late on Thursday that it had increased the benchmark import rates for crude palm oil, soy oil, gold, and silver.

Every two weeks, the government updates the basic import prices for edible oils, gold, and silver; the prices are used to determine how much tax an importer must pay.

India is the second-largest consumer of gold in the world and the largest importer of edible oils, silver, and both.

Source: Moneycontrol.com