MUMBAI, Oct 1 (Reuters) – India has cut basic import prices of crude and refined palm oil, crude soybean oil and gold, the government said on Friday in a release, as prices corrected on the world market.
The government reviews the basic import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer must pay.
India is the world’s largest importer of edible oils and silver and the second largest consumer of gold.
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Merchandise New price in $ Old price in $
Crude palm oil 937,996
RBD palm oil 982 1,019
Palmolein RBD 998 1035
Crude soybean oil 1,257 1,362
Gold 533,549
Silver 608 635
Base prices for all commodities are in dollars per tonne, except for gold and silver. The price of gold is in $ per 10 grams and that of silver in $ per kg.
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Reporting by Rajendra Jadhav; Editing by William Mallard
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