Government has hiked import duties on gold and silver findings and coins of precious metals to 15% from the existing 10%. This includes Basic Custom Duty (BCD) of 10% and 5% of AIDC (Agriculture Infrastructure Development Cess). This is exempt from Social Welfare Surcharge (SWS).
The government has also hiked import duty on spent catalysts containing precious metals. The duty has been hiked to 14.35% including 10% Basic Custom Duty and 4.35% AIDC with exemption from SWS. The new rates are effective from January 22.
The move aims to prevent circumvention of the duty on gold and silver bars, after a surge in imports in the last two months of gold findings: Hooks, Clasps and other components used to make jewellery.
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