The Indian government has increased the concessional import duty on gold, silver, and platinum from 4.35% to 10%. This change is effective from May 13, 2026, under Notification 57/2000-Customs.
Customs Duty Raised on Precious Metals
The Ministry of Finance has announced a significant hike in the concessional import duty on gold, silver, and platinum, raising it from 4.35% to 10%. This change took effect on May 13, 2026, as per Notification 57/2000-Customs.
The decision is part of a broader strategy to address challenges in India's foreign exchange reserves amidst rising global oil prices and dollar outflows. Importers will now face a revised tariff structure as the government aims to mitigate economic pressures.
This increase in duty may impact the jewelry sector deeply and could potentially revive smuggling activities as importers seek alternatives to evade higher costs. Legal practitioners should advise clients on navigating these changes, particularly those involved in importing precious metals.
Citations
- Notification 57/2000-Customs
