The government has sharply increased customs duty on imports of precious metals such as gold, silver and platinum, saying the move is aimed at protecting India’s macroeconomic stability and conserving foreign exchange reserves at a time of rising global uncertainty linked to the ongoing West Asia crisis, according to ET Bureau sources.
Import duty on gold and silver has been raised from 6% to 15%, while duty on platinum has gone up from 6.4% to 15.4%. The changes also apply to products such as gold and silver dore, coins and findings.
