The government on Wednesday hiked import duties on gold and silver to 15 per cent from 6 per cent as part of measures to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis, the finance ministry notified. The revised rates came into effect on 13 May. Days after Prime Minister Narendra Modi's clarion call for curbs on gold purchases, along with other austerity measures to save on foreign exchange, the Finance Ministry, in a notification, hiked the social welfare surcharge (SWS) and the agriculture infrastructure and development cess (AIDC), effective May 13. The duty hikes will raise the overall customs duty on gold to 15 per cent. Separately, the Finance Ministry also revised customs duty rates for precious metal findings and recyclable precious metal waste. Under the revised structure, gold and silver findings will attract a 5% customs duty, while platinum findings will face a 5.4% duty. Imports of spent catalysts or ash containing precious metals will attract a concessional 4.35% duty, subject to compliance conditions and recycling-related clearances, according to the notification.

Powered by Commodity Insights