India raises base import price of gold, palm oil

India raised the base import prices of gold, crude and refined palm oil, the government said in a statement on Tuesday, as prices rose in the world market.

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.

India is the world's biggest importer of edible oils and silver and the second-biggest consumer of gold.