New Delhi, May 13 -- The Ministry of Finance has updated the customs duty rates for various precious metals and jewellery findings, which comes into effect today, May 13.

Under the revised schedule, gold and silver findings will now attract a 5 per cent duty, while platinum findings are set at a rate of 5.4 per cent. The notification also establishes a 4.35 per cent duty for precious metal spent catalysts, a rate contingent upon the strict fulfillment of specified compliance criteria.

The notification provides a precise definition for the items subject to these new rates to ensure clarity in trade and taxation.

"For the purposes of this entry, gold, silver or platinum findings mean a small component such as hook, clasp, clamp, pin, cat...