The government has increased the import duty on gold and other precious metals, which will take effect from today. In a statement, the Ministry of Finance said that Gold and Silver findings will attract 5 percent duty, while platinum findings will attract a 5.4 percent duty. Furthermore, precious metal spent catalyst is set at 4.35 percent, subject to the fulfilment of compliance criteria.
Earlier, Prime Minister Narendra Modi had appealed to the citizens to avoid purchasing gold amid the ongoing West Asia crisis.