New Delhi: The Finance Ministry has raised import duty on precious metals. New rates have been made effective from Wednesday.
According to a notification received by Ziraat Times, import duty on gold and silver has been increased to 15 per cent from 6 per cent, and on platinum to 15.4 per cent from 6.4 per cent. Consequential changes have also been made to other items such as gold/silver dore, coins, findings, etc, officials said. “This has been done as a policy measure aimed at safeguarding macroeconomic stability, conserving foreign exchange, and moderating non-essential imports during a period of heightened global uncertainty arising from the ongoing West Asia crisis,” an official said.
Officials cite macroeconomic and external-sector considerations
Further, he said that customs duty on precious metals has historically been calibrated in response to prevailing macroeconomic and external-sector conditions. During periods when external pressures moderated, foreign exchange reserves strengthened, and macroeconomic stability improved, customs duty rates on precious metals and related products have also been rationalised downward.
In the Union Budget 2024–25, customs duties on gold and silver were reduced from 15 per cent to 6 per cent, and on platinum from 15.4 per cent to 6.4 per cent, “reflecting a more comfortable macroeconomic and external-sector position at the time. Therefore, historically such duty calibrations have remained responsive to evolving economic and external conditions,” the official said.
