Centre hikes gold, silver import duty to 15% amid West Asia turmoil
Customs duty on gold and silver imports raised from 6% to 15%, platinum from 6.4% to 15.4%, reversing the FY24-25 budget cut. Move follows PM Modi's appeal to defer gold purchases as West Asia conflict pressures forex reserves and the current account deficit.
Centre hiked customs duty on gold and silver imports from 6% to 15% and platinum from 6.4% to 15.4%, citing West Asia war pressures on forex and CAD, after PM Modi urged citizens to defer gold purchases.
Why this matters
Duty hike operationalises PM Modi's recent appeal to defer gold buying as the rupee hit a record 95.75/USD. Reverses last year's budget cut and doubles smuggling risk per prior signal.
Retail-brand signals steady at 179 in the last 90 days, with policy moves clustering around forex defence.