The Union government has reduced the base import prices for crude and refined palm oils and gold by reducing their base prices. India is the largest importer of edible oils in the world and the second largest consumer of gold.
India has reduced its base import prices for crude and refined palm oil, crude soybean oil and gold as prices have corrected on the global market, according to a government statement.
Every fortnight, the government revises the base import prices for edible oils, gold, and silver. These prices are used to calculate how much tax an importer must pay.
India is the largest importer of edible oils, silver, and second largest consumer of gold.