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February 26, 2024
PI Global Investments
Precious Metals

Finance Ministry Hikes Import Duty On Gold, Silver Findings, Precious Metal Coins To 15%

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.

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