The Finance Ministry has hiked import duties on gold and silver findings and coins of precious metals to 15% from the existing 10%.
Import duty on gold and silver findings and coins of precious metals will now be 15%. This includes Basic Custom Duty (BCD) of 10% and 5% of AIDC (Agriculture Infrastructure Development Cess), an official notification said.
This is exempt from Social Welfare Surcharge (SWC).
Gold or silver findings are a small component such as a hook, pin, screw that holds the whole or a part of a piece of jewellery in place.
The Ministry has also hiked import duty on spent catalysts containing precious metals. The duty has been hiked to 14.35% including 10 Basic Custom Duty (BCD) and 4.35% AIDC (Agriculture Infrastructure Development Cess) with exemption from SWS.
The new rates are effective from Jan. 22, the notification said.