India's Gold Import Duty Hike Yields Rs 10,463 Cr

The Indian government's decision to hike import duties on gold, silver, and platinum has led to a significant increase in customs duty collections. According to Minister of State for Finance Pankaj Chaudhary, the government collected Rs 10,463 crore as customs duty on these precious metals between May 13 and August 2.

The import duty hike was implemented to conserve foreign exchange, which is essential for imports such as crude oil, fertilizers, industrial raw materials, and capital goods. The war in West Asia and the effective blockade of the Strait of Hormuz had raised prices of these essential items.

Between May 13 and June 30, a total of 161 kg of smuggled gold was seized, with 116 people arrested for their involvement in smuggling. This is a significant increase from previous months, indicating that the government's efforts to curb smuggling are bearing fruit.