Kathmandu. The Indian government has significantly increased customs duty on precious metals such as gold, silver and platinum. According to Indian media reports, the decision has been taken to protect foreign exchange reserves and protect the economy amid increasing pressure on the global economy due to the ongoing crisis in the Middle East. <\/p>\n
As per the new provision, the import duty on gold and silver has been increased from 6 percent to 15 percent. Similarly, the duty on platinum has been increased from 6.4 percent to 15.4 percent. This provision is also applicable to gold and silver threads, coins and related articles. <\/p>\n
According to sources in India’s finance ministry, the latest decision is aimed at curbing non-essential imports. At a time when rising geopolitical tensions in the Middle East are causing volatility in crude oil prices and disrupting international shipping routes, the government is worried that a big oil importer like India could face the risk of a current account deficit and inflation. <\/p>\n
Finance Ministry officials have said that India’s foreign exchange reserves should be protected for essential imports such as crude oil, fertilizers, industrial raw materials, defence equipment, advanced technology and capital goods. According to them, although gold and silver are culturally important, their import is mainly consumption and investment-centric. <\/p>\n
The ministry described the move as a “balanced and careful intervention” and not a restrictive one. The government has made it clear that it is trying to bring restraint on imports while maintaining consumer choice and market flexibility. <\/p>\n
The decision reverses the duty cuts made in the Union Budget for 2024\u00f725. At that time, the duty of gold and silver was reduced from 15 percent to 6 percent and on platinum from 15.4 percent to 6.4 percent. According to a source at the ministry, such fees have been fluctuating from time to time depending on the economic situation and the possibility of reducing them again in the future has also been opened. <\/p>\n
The decision is also in line with the Prime Minister’s policy of reducing unnecessary foreign spending, saving fuel and encouraging domestic consumption. Sources in the finance ministry described the move as a “pre-emptive and far-sighted” decision. <\/p>\n
They say that such a policy has been adopted to protect the economy from external shocks even before the strict import ban is imposed.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The Indian government has significantly increased customs duty on precious metals such as gold, silver and platinum. According to Indian media reports, the decision has been taken to protect foreign exchange reserves and protect the economy amid increasing pressure on the global economy due to the ongoing crisis in the Middle East. As perContinue reading “India hikes customs duty on gold and silver imports to protect foreign currency”<\/span><\/a><\/p>\n","protected":false},"author":11,"featured_media":86442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1391],"tags":[],"class_list":["post-86654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-en"],"acf":[],"publishedDateNp":"\u0969\u0966 \u092c\u0948\u0936\u093e\u0916 \u0968\u0966\u096e\u0969, \u092c\u0941\u0927\u092c\u093e\u0930 \u0967\u0967:\u0968\u0968","_links":{"self":[{"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/posts\/86654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/comments?post=86654"}],"version-history":[{"count":1,"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/posts\/86654\/revisions"}],"predecessor-version":[{"id":86655,"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/posts\/86654\/revisions\/86655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/media\/86442"}],"wp:attachment":[{"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/media?parent=86654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/categories?post=86654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kalopati.com\/kp_api\/wp\/v2\/tags?post=86654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}