INDIA April 16 2014 MUMBAI (Scrap Register): The world's second biggest bullion consuming nation India has raised its import tariff value of gold and silver on Wednesday.

Indian government has trimmed its import tariff value of gold from $421 per ten grams to $431 per 10 grams and silver from $644 per kilo gram to $ 646 per kilo gram, said the ministry of finance.

Import tariff value is the base price on which the customs duty is determined to prevent under-invoicing. The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC).

The tariff value is revised on a fortnightly basis after analysing the global price trend.

Gold is the second largest import item for India after petroleum. Due to government curbs, the country's total gold and silver imports dropped 40 per cent to $33.46 billion in 2013-14, as against $55.79 billion in the previous year.