Gold Shocker: Import Duty Increased To 15 pc

The Central Government has increased the import duty on gold and silver, which is expected to make both precious metals more expensive in India.

According to the latest announcement, the government has imposed a 10% Basic Customs Duty and a 5% Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports. With this change, the total import tax has increased from 6% to 15%.

The new rates have come into effect immediately from today. Experts believe this move could lead to a further rise in gold and silver prices in the domestic market.

The decision comes just two days after Prime Minister Narendra Modi reportedly advised people to avoid buying gold for a year. The sudden increase in import duty has now become a major topic of discussion among traders, jewellers, and customers.

Higher import taxes usually increase the cost of bringing gold and silver into the country. As a result, jewellery prices and investment costs may also rise in the coming days.

Market analysts say the government may have taken this step to control imports and reduce pressure on foreign exchange reserves. However, consumers planning to buy gold for weddings, festivals, or investment purposes could now face higher prices.

Jewellery traders are also expecting some impact on customer demand due to the sudden increase in rates.