New Delhi, May 13 (H.S.): Amid the West Asia crisis, the government has raised the import duty on gold and silver to 15 percent to support the rupee. These rates have come into effect from Wednesday.

The Ministry of Finance issued a notification late Tuesday in this regard. Accordingly, the government has imposed a 10 percent basic customs duty and a 5 percent Agriculture Infrastructure and Development Cess on gold and silver imports. This increases the effective import duty from 6 percent to 15 percent. These rates are applicable from May 13.

The Ministry of Finance's notification 16/2026 updates the customs duty rates for precious metals and products made from them (conclusions) through customs. As per the notification, items made from gold and silver will attract a 5 percent duty, while items made from platinum will carry a 5.4 percent rate. Additionally, a 4.35 percent duty has been set on used catalysts made from precious metals, provided the relevant compliance standards are met.

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Hindusthan Samachar / Jun Sarkar