Punjab E News: The Central Government has increased the import duty on gold and silver from 6% to 15%, making the precious metals significantly more expensive in India. The new rates came into effect from May 13 following a late-night notification issued by the Finance Ministry on May 12.
According to the notification, the revised duty structure includes 10% Basic Customs Duty and 5% Agriculture Infrastructure and Development Cess (AIDC) on the import of gold and silver.
The government said the move aims to reduce imports of precious metals and ease pressure on the country’s foreign exchange reserves.
Following the decision, gold and silver prices witnessed a sharp rise on Wednesday.
