India raises import duty on gold, silver to 10%

13 August, 2013

India hiked import duty on refined gold bars for a third time in eight months to 10 per cent from the earlier 8 percent, the finance ministry said in a statement on Tuesday.

The government also raised the import duty on silver to 10 per cent from the earlier 6 per cent, and the factory gate duty on gold bars to 9 per cent from 7 per cent.

At the current level of imports, the government expects a revenue of Rs 48.30 billion from the duty hikes for the rest of the financial year ending March 31, 2014.

India, the world’s biggest buyer of gold, has been trying to curb imports of the yellow metal, which is the second biggest imported item after crude oil. On July 22, the RBI required a fifth of all gold imports to be used for export, usually in the form of jewellery.


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India raises import duty on gold, silver to 10%

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