Gold, silver, platinum duty earns govt Rs 10,463 crore since May 13

The government collected Rs 10,463 crore in customs duty on imports of gold, silver and platinum between May 13 and August 2, Parliament was informed on Monday.

Gold accounted for the bulk of the collections, with customs duty receipts from the metal reaching Rs 10,040 crore during the period, Minister of State for Finance Pankaj Chaudhary said in a written reply to a question in the Lok Sabha.

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The government collected another Rs 328 crore from silver imports and Rs 95 crore from platinum, taking the combined customs duty revenue from the three precious metals to Rs 10,463 crore.

Import duty raised in May

The Centre raised the import duty on gold and silver to 15% from 6%, while the duty on platinum was increased to 15.4% from 6.4%, effective May 13.

The changes also extended to related products, including gold and silver dore, coins and findings.

The duty increase was aimed at curbing discretionary imports and conserving foreign exchange for essential imports such as crude oil, fertilisers, industrial raw materials and capital goods.

The move came amid heightened concerns over the impact of the West Asia conflict and the effective blockade of the Strait of Hormuz on crude oil and food and fertiliser import costs.

161 kg smuggled gold seized

The government also reported action against gold smuggling during the period. Between May 13 and June 30, authorities seized 161 kg of smuggled gold and arrested 116 people, Chaudhary said.

Also Read: Gold demand drops 70% after sharp duty hike in India

India is the world's second-largest gold consumer after China, with jewellery demand accounting for a significant share of imports. Gold purchases also result in substantial foreign exchange outflows, making the metal an important component of India's import bill.

(With inputs from PTI)