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Import duty on gold, silver findings and precious metal coins increased to 15%
The government has increased import duty on gold and silver findings and coins of precious metals coins to 15 percent from 11 percent, starting from January 22, as per a Reuters report. Gold and silver filings are used to produce jewellery. This adjustment aligns the duties with those imposed on gold and silver bars. In a notification released on January 22, the Ministry of Finance also increased the import duty on spent catalysts containing precious metals to 14.35 percent from 10.1 percent, the report added. The objective is to prevent evasion of duties on gold and silver bars, following a recent uptick in imports of gold findings such as hooks, clasps, and other components used in jewellery crafting, the report said quoting a government official. India holds the position of being the world's second-largest consumer of gold, with almost all supplies coming from imports. Source - Mint
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