India Collects ₹10,463 Crore in Customs Duty on Gold, Silver, Platinum

The Indian government has collected ₹10,463 crore in customs duty on gold, silver, and platinum since May 13. This is a result of hiking import duties on these precious metals to 15% from 6% for gold and silver, and 15.4% from 6.4% for platinum.

The government aimed to check discretionary imports and prioritize foreign exchange for essential goods like crude oil, fertilizers, industrial raw materials, and capital goods.

Between May 13 and August 2, the government collected ₹10,040 crore in customs duty on gold, ₹328 crore on silver, and ₹95 crore on platinum.