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The government on Friday has said that it has increased the base import prices of gold and silver as well as RBD palm oil, crude palm oil and crude soya bean oil. In a official notification released by the government, it informed that the revised prices will come into force with effect from the July 30, 2022. Notably, 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.

As per the government notification, “gold, in any form, in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed for 565 per 10 grams." Additionally for silver, “silver, in any form, in respect of which the benefit of entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed for 629 per kilogram." It is important to note that the tariff value is in US dollars.

Meanwhile, earlier this month, the Reuters reported that the palm oil imports in July are set to jump to the highest in 10 months because of a hefty correction in prices and as Indonesia allows more exports of the tropical oil. Four dealers told Reuters that the higher purchases by India, the world's biggest importer of vegetable oils, may add support for Malaysian palm oil prices, which are trading near a one-year low.

India's palm oil imports in July may rise to 700,000 to 800,000 tonnes, the highest since September 2021, the dealers said. "Palm oil has become very attractive for Indian buyers after the recent fall in prices," said one of the dealers, Sandeep Bajoria, the chief executive of vegetable oil brokerage and consultancy Sunvin Group. Malaysian palm oil futures tumbled 10% on Wednesday to a near one-year low, on fears of rising stockpiles and a sell-off in commodities because of concerns that demand may fall in a potential global recession, the report adding that Indian buyers contracted to purchase nearly 250,000 tonnes of palm oil for prompt shipment last week, but this week's drop in prices has confused many buyers and they are waiting for prices to stabilize, said another one of the dealers, who is based in New Delhi with a global trading firm.

(With inputs from Reuters)

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