Shock To Gold And Silver Buyers: Indian Govt. Increases Import duty
Delhi/Hyderabad, Jan 23 (Maxim News): The Center gave a shock to gold and silver consumers. The Finance Ministry has taken a key decision to increase the import duty on copper, silver, and precious metal coins.
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Presently, the import duty of 10 percent has been increased to 15 percent. It said that the increased import duty has come into effect from yesterday. A notification has been issued to this effect. The Finance Department has clarified that henceforth import duty of 15 percent will be applicable on coins related to gold, silver, and other precious metals.
This includes ten percent Basic Custom duty (BCD) and another five percent agriculture Infrastructure Development Cess. Exempt from the latest Social Welfare Surcharge (SWC), market pundits say that there is a possibility of increasing the prices of paddy with the Centre’s decision. In the country, 22-carat gold costs Rs. 57,800 while 24-carat gold costs Rs, 63,050. (Maxim News)
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