Finmin raises import duties on gold, silver findings, coins of precious metals to 15%

The Finance Ministry has hiked import duties on gold and silver findings and coins of precious metals to 15 per cent from the existing 10 per cent.

Import duty on gold and silver findings and coins of precious metals will now be 15 per cent. This includes Basic Custom Duty (BCD) of 10 per cent and 5 per cent 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 per cent including 10 Basic Custom Duty (BCD) and 4.35 per cent AIDC (Agriculture Infrastructure Development Cess) with exemption from SWS.

The new rates are effective from January 22, the notification said.