India cut key import prices of crude and refined palm oil, crude soybean oil and gold, the government said in a statement on Friday, as global market prices corrected. The government revises the basic import prices of edible oils, gold and silver every fortnight and the prices are used to calculate the amount of tax the importer has to pay. India is the world’s largest importer of edible oils and silver and the second largest consumer of gold.
Commodity New price in $ Old price in $ are:
•Crude palm oil 937,996
•RBD palm oil 982 1 019
•RBD Palmolein 998 1,035
•Crude soybean oil 1,257 1,362
•Gold 533,549
•Silver 608,635
Base prices for all commodities are in dollars per ton, except for gold and silver. The gold rate is in dollars per 10 grams and silver in dollars per kg.
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